Glenmark Pharmaceuticals Ltd Management Discussions

World Economic Outlook - April 2025

Macroeconomic Landscape

The global economy is navigating a period of pronounced uncertainty. Recent assessments by World Bank and IMF indicate that global GDP growth has recorded a downward revision to around 2.3% this year, the slowest pace of non-recessionary expansion in nearly two decades. Advanced economies are contending with subdued growth around 1.3-1.5%, while emerging markets, despite their inherent volatility, are faring relatively better.

Structural challenges such as chronic supply chain disruptions, rising debt levels, and strengthened fiscal policies continue to constrain economic momentum.

Geopolitical and Technological Drivers

Geopolitical tensions remain high, with ongoing conflicts in Eastern Europe and the Middle East unsettling energy supplies and commodity markets. Heightened trade barriers and aggressive tariff policies, such as the recent U.S. measures, have deepened market fragmentation and contributed to financial volatility. Simultaneously, rapid advances in technology such as artificial intelligence (AI) and automation are reshaping industries. The accelerated integration of AI is promising significant productivity gains and improved efficiencies, although it also presents regulatory and infrastructural challenges for policymakers to address.

Implications for the Pharmaceutical Sector

Despite the broader economic headwinds, the pharmaceutical sector continues to exhibit resilience owing to its essential role in global healthcare. Key industry insights include:

Steady Growth Amid Uncertainty:

Global pharmaceutical production and sales are forecast to grow by approximately 5% in 2025. This modest yet positive growth is driven by ongoing innovation, consistent demand for healthcare products, and the sectors relative insulation from typical cyclical downturns.

Rising Production Costs and Supply Chain Pressures:

Tariffs, affecting the U.S. imports, and ongoing disruptions in international logistics are translating into higher production and sourcing costs. These factors, coupled with tighter regulatory scrutiny (particularly in advanced economies), are pressing pharmaceutical companies to adjust pricing strategies and supply chain management.

Technological Transformation:

Embracing digital transformation and AI-driven research and development is increasingly critical for competitiveness. Pharmaceutical firms that integrate advanced analytics and automation are securing shorter time-to-market for new drugs, enhanced productivity in manufacturing, and improved patient outcomes through better data-driven decision-making.

Regional Divergence in Demand:

• In mature markets like the United States and Europe, aggressive trade policies and stringent price regulations are curbing consumer spending and moderating growth.

• In contrast, emerging economies such as India and China are witnessing more robust expansion. Here, government support for R&D, ongoing improvements in healthcare infrastructure, and rising disposable incomes are fuelling increased demand for both branded and generic medications.

Strategic and Regulatory Adaptation:

To navigate the dual challenges of economic slowdown and geopolitical risks, industry stakeholders are reassessing investment priorities. This includes a balanced approach to mergers and acquisitions, enhanced focus on supply chain resilience, and proactive compliance with evolving regulations.

India Economic Outlook

Macroeconomic Landscape

As of April 2025, India remains a standout performer among major global economies. Despite global growth projections plummeting to around 2.8%, India is on track to register a robust GDP growth around 6.3% for FY 2026. This resilient performance is anchored in strong domestic fundamentals, ongoing structural reforms, and the transformative vision of initiatives like Aatmanirbhar Bharat. Even though recent global headwinds such as heightened trade barriers and geopolitical tensions have led to modest downward revisions in earlier forecasts, India continues to be a beacon of growth in the region.

Inflation and Price Dynamics

Recent data shows that consumer inflation has moderated significantly, with the Consumer Price Index (CPI) now averaging around 3.2% in April 2025. This easing is largely a result of favourable harvests, improved supply chains, and targeted fiscal and monetary policies. Moreover, the Wholesale Price Index (WPI) has seen a considerable softening due to further optimism that inflation will stabilize around 4.0% in the coming fiscal year. These trends are critical as they help sustain consumer spending and mitigate cost pressures across industries.

Global Pharmaceutical Outlook 2025

Spending and Growth by Regions and Countries

• The global medicine market (using invoice price levels) is expected to grow at 5-8% CAGR through 2029 to about USD 2.4 Tn.

• Global growth will continue to be driven by new and existing brands in leading developed countries and be offset by USD 220 Bn of brand losses of exclusivity over five years.

• New brand spending in the 10 developed countries is projected to be higher than the last five years but a smaller share of total brand spending.

• Higher global spending growth occurred in key regions after the pandemic, particularly in 2023 in North America, with slowing afterwards.

• Spending and volume growth are following diverging trends by region, and mix - change in the average cost of medicines highlights higher spending for more novel and costly drugs in many key regions.

• The U.S. market, on a net price basis, is forecast to grow 3-6% CAGR over the next five years, down from 6.8% CAGR for the past five years.

• The impact of exclusivity losses will increase to USD 182 Bn over five years, with nearly USD 150 Bn from small molecules.

• New brand spending in the U.S. is projected to be higher than the last five years but a smaller share of total brand spending.

• Spending in Europe is expected to increase by USD 85 Bn through 2029, driven by new and existing brands, while the impact of exclusivity losses will reach USD 25 Bn over five years, with most due to small molecules.

• New brand spending in EU4+UK is projected to be higher than the last five years but a smaller share of total brand spending.

• Japan medicine spending is forecast nearly unchanged over five years as innovation is offset by shift to annual price cuts.

• Spending growth in China is expected to slowly recover post-COVID-19, driven almost entirely by new original medicines.

• Latin America growth is expected to be led by recovering Argentina sales and a strong Brazil market.

Key Therapy Areas

• Global biotech spending to exceed USD 820 Bn by 2029, about 34% of global spending, with growth slowing to 7-10% from biosimilar savings.

• Speciality medicines will represent about 46% of global spending in 2029 and 54% of total spending in leading developed markets.

• Oncology, diabetes, and obesity to lead absolute growth through 2029, while immunology slows due to biosimilars.

• Oncology and obesity forecast double-digit growth rates to 2029 while immunology slows due to biosimilars.

• Cancer medicine spending rose to USD 252 Bn globally in 2024 and growth is expected to slow, reaching USD 441Bn by 2029.

• Immunology spending growth to slow to 3.5-6.5% through 2029 from biosimilar impact as volume growth continues at 6-9% annually.

• Diabetes spending growth accelerating in many developed markets associated with GLP-1 adoption, U.S. slowing to 1-4% net.

• Global obesity spending has accelerated in the past two years from novel drugs with upside if more widely reimbursed.

• New therapies in Alzheimers and anxiety/ depression are expected to drive spending growth in neurology.

• Cell and gene therapies have differing spending outlooks and large areas of uncertainty.

Indian Pharmaceutical Market

Market Size & Growth Trajectory

• Domestic formulations market is estimated at INR 23.8 lakh Mn (USD 29 Bn) for FY 2025 up ~8.2% YoY driven by chronic and speciality therapies.

• Total pharma turnover (including exports) reached INR 41.7 lakh Mn (USD 56 Bn) in 2024, growing >10% p.a. over the past five years.

• Looking ahead to FY 2025-30, a CAGR of 8-9% in domestic sales is expected, taking the market to ~INR 34 lakh Mn (USD 42 Bn) by FY 2030.

Export & Contract Services Expansion

• India today supplies ~20% of the worlds generics and 55-60% of UNICEFs vaccine needs. Exports are poised to rise at 6-8% CAGR through 2028, underpinned by widening trade ties and API self-sufficiency.

• The CRDMO (Contract Research, Development & Manufacturing) segment is forecast to double from ~INR 6.06 lakh Mn in 2023 to INR 12.13 lakh Mn by FY 2027-28.

Policy-Led Capacity & Quality Upgrades

• Production-Linked Incentive (PLI) schemes: INR 1.5 lakh Mn for formulations and INR 69,400 Mn for APIs will drive localized high-end drug and API output, reducing import dependence and lifting quality standards.

• Bulk Drug Parks (INR 30,000 Mn) and Medical Devices PLI (INR 34,200 Mn) will expand manufacturing clusters and boost device exports which is projected to reach USD 20 Bn by FY 2030.

Segment Dynamics & Value Drivers

• Chronic & Speciality Therapies (cardiology, anti- neoplastics, immunology) will remain growth engines, with 10-12% CAGR through 2030 as lifestyle diseases and precision-medicine uptake rise.

• Generics will deliver steady volume growth (~5-6% CAGR), while biosimilars and biologics surge at 15-17% CAGR, propelled by global demand for affordable complex therapies.

Capital Flows & Industry Investment

• FDI inflows of INR 1.3 lakh Mn in 2024 underscore investor confidence; 100% automatic- route

FDI remains for greenfield pharma and medical- device projects.

• R&D spend is set to rise, focusing on novel biologics, gene therapies and digital-toolkits for clinical development.

Risks & Mitigants

• Price Erosion post-patent cliffs will continue; robust speciality launches and value-added services (e.g., patient support programs) will be key to protecting margins.

• Regulatory & Trade Uncertainty can disrupt API supplies; diversification of raw-material sourcing and flexible manufacturing networks will strengthen resilience.

Revenue Figures for Glenmark Pharmaceuticals Ltd. (In INR Mn)

Geographical Revenue	FY 2025	FY 2024	Growth (%)
India	44,845	33,994	31.9%
North America	30,172	30,943	-2.5%
Europe	28,463	24,205	17.6%
Emerging Markets	28,138	27,666	1.7%
Total	131,618	116,807	12.7%
Other Revenue	1,599	1,324	20.8%
Consolidated Revenue	133,217	118,131	12.8%

Review of Operations for the year ended March 31, 2025

For the twelve months of FY 2025, Glenmarks consolidated revenue was INR 133,217 Mn (USD 1,575.8 Mn) as against INR 118,131 Mn (USD 1,427.1 Mn), recording a YoY growth of 12.8%.

Key Highlights for the Fiscal Year 2025

• Glenmark assumed leadership position in its key therapeutic areas in India, ranking 2^nd in dermatology and 3^rd in cardiac segment respectively in the fourth quarter of FY 2025.

• Glenmarks Europe business continued its strong performance, growing at 17.6% for FY 2025.

• Ryaltris? was launched in more than

10 markets in FY 2025 and is now commercialized in 44 markets globally.

• Winlevi? received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) in the United Kingdom.

• IGI presented first-time safety and efficacy data for 20 heavily pre-treated patients, from its Phase 1 (Part 1) study of ISB 2001 in an oral presentation at the 66^th American Society of Hematology (ASH) Annual Meeting in San Diego, CA.

Formulation Business

Glenmarks global formulation business is spread across Branded, Generics, and OTC segments in the therapy areas of dermatology, respiratory and oncology, along with strong regional/country-specific presence in other therapeutic areas like cardiac, diabetes and oral contraceptives.

India

Sales from the formulation business in India for FY 2025 was at INR 44,845 Mn (USD 530.5 Mn) as against INR 33,994 Mn (USD 410.7 Mn) last year, recording a growth of 31.9%. The India business contribution to consolidated revenue was 33.7% in FY 2025.

During the year, Glenmark continued to significantly outperform the IPM in terms of secondary sales as per IQVIA. Glenmarks India formulation business recorded a growth of 12.0% as per MAT March 2025, compared to the overall market growth of 7.7% in MAT March 2025. Glenmark continued to outperform the overall market in its key therapeutic areas like dermatology and cardiac therapeutic areas. Despite the continued weak growth in the acute respiratory market, mainly due to low seasonal pick-up, Glenmark managed to grow faster than the overall respiratory market on the back of growth in the chronic portfolio. The highly competitive diabetes market continued to impact Glenmarks performance in this area, resulting in a ~5% decline over MAT March 2025 period.

	IPM	Glenmark
Supergroup	Value Growth (MAT Mar25)	Value Growth (MAT Mar25)
Cardiac	11.9	16.1
Dermatology	9.3	18.9
Respiratory	3.2	3.5
Diabetes	8.5	-4.3

Glenmarks India business is ranked 13^th with a market share of 2.25% (IQVIA MAT March 2025). The Company has 10 brands in the IPM Top 300 Brands in the country as of IQVIA MAT March 2025.

	IPM	Glenmark
Supergroup	Market Share (%) Mat Mar 24	Market Share (%) Mat Mar 25
Cardiac	5.7	5.9
Dermatotlogy	7.5	8.2
Respiratory	5.8	5.8
Diabetes	1.4	1.2

EMPAGLIFLOZIN

• In March 2025, Glenmark launched Empagliflozin, a widely recognized SGLT2 inhibitor, in India.

• The drug has been introduced under the brand name GLEMPA™ (Empagliflozin 10/25 mg), along with its fixed-dose combinations (FDCs): Glempa-L™ (Empagliflozin 10/25 mg + Linagliptin 5 mg) and Glempa-M™ (Empagliflozin 12.5 mg + Metformin 500/1000 mg).

LIRAFIT™

• The Company was the first to launch the biosimilar of Liraglutide under the brand name LIRAFIT™ in India. LIRAFIT™ has seen strong traction in the GLP-1 market in India post launch.

• The Company also plans to launch other GLP-1 agonists soon.

Jabryus? (Partnered with Pfizer)

• In January 2024, Glenmark launched Jabryus? (Abrocitinib), a first of its kind oral advanced systemic treatment for the treatment of moderate- to-severe atopic dermatitis (AD) in India in partnership with Pfizer.

• Jabryus? has been well received by dermatologists as a novel treatment for moderate-to-severe AD, with improved efficacy and oral convenience to patients.

Tislelizumab and Zanubrutinib

(Partnered with BeiGene)

• Glenmark and BeiGene entered into an agreement for marketing and distribution of Tislelizumab and Zanubrutinib in India in May 2024.

• Under this strategic collaboration, Glenmark will be responsible for locally required development, registration and distribution providing access to BeiGenes innovative oncology medicines for cancer patients across India.

• These two products were launched in Q1 FY 2026.

India - GLENMARK CONSUMER CARE (GCC)

Primary sales for GCC in FY 2025 recorded a YoY growth of 17.5%. The Companys flagship brand Candid Powder™ delivered revenue growth of >15% for FY 2025. The Scalpe™ portfolio delivered a robust revenue growth of >50% YoY. The key variant, Scalpe Plus grew by ~40%, while Scalpe PRO registered 147% growth. La Shield™ portfolio delivered growth of ~5%.

North America

The North America business recorded revenues of INR 30,172 Mn (USD 356.9 Mn) for FY 2025 as against revenue of INR 30,943 Mn (USD 373.8 Mn) for FY 2024. This translates into a YoY decline of 2.5%. For FY 2025, the North America business contribution was 22.6%.

The U.S. business continued to remain challenging due to lack of meaningful launches during the year. However, the Company expects an uptick in the business from FY 2026 onwards on the back of potential launches in the respiratory and injectable segments. Glenmark has built out a large commercial portfolio of injectable products through partnerships. The Company has also leveraged its strong development capabilities in the respiratory area to file two ANDAs for generic nasal sprays. In addition, the Company filed the ANDA for gFlovent? 44mcg pMDI in May 2024. Glenmark is also working on filing the ANDA for the other two strengths of gFlovent?, as well as other respiratory products currently in the pipeline. Glenmark expects to launch some of these respiratory products from H1 FY 2026 onwards. The Company also continues to augment its commercial portfolio through partnered product launches.

In the FY 2025, Glenmark was granted approval of 8 Abbreviated New Drug Applications (ANDA), comprised of 5 final approvals and 3 Prior Approval Supplement approvals. Glenmark completed the successful launches of 13 new products during fiscal year 2025, consisting of a mix of immediate-release oral solids, a semi-solid ointment, several injectables and an oral contraceptive. The Company filed a total of 4 ANDA applications with the U.S. fDa throughout the fiscal year.

Glenmarks marketing portfolio through March 31, 2025, consists of 206 generic products authorized for distribution in the U.S. market. The Company currently has 51 applications pending in various stages of the approval process with the U.S. FDA, of which 23 are Paragraph IV applications.

In February 2025, Glenmark agreed to enter into a settlement with three plaintiffs, Humana, Centene and Kaiser, for a total of USD 7 Mn. This settlement was in respect of the ongoing litigation related to Glenmarks generic Zetia? launch. These plaintiffs had opted out of the settlement signed by Glenmark in 2023 with the three main plaintiff groups. The recent settlement made it clear that Glenmark denies each and every one of the allegations against it and the settlement is not based on Glenmark having conceded or admitted any liability or illegality.

Europe

Glenmark Europe operations revenue for FY 2025 was INR 28,463 Mn (USD 336.7 Mn) as against INR 24,205 Mn (USD 292.4 Mn) recording a growth of 17.6%. Europe business contributed 21.4% to the consolidated revenues in FY 2025.

Glenmarks Europe business continued its strong growth on the back of its branded business across all key markets in the region. The CEE region witnessed double-digit growth across all key markets on the back of a strong uptick in key products. The Western European markets also recorded double-digit growth for Glenmark. The branded respiratory portfolio in Western European business sustained its growth momentum. Ryaltris? continued to gain market share across all countries wherein the product was launched. The Company continues to focus on sustaining the increasing contribution from the branded markets / portfolio in Europe, mainly in the respiratory and dermatology therapeutic areas. The Company recently announced that it had received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) to market Winlevi? in the United Kingdom.

ROW Region (RCIS, LATAM, MEA & APAC)

For FY 2025, revenue from the ROW region was INR 28,138 Mn (USD 332.8 Mn) as against INR 27,666 Mn (USD 334.2 Mn) last year, recording a growth of 1.7%. The reported growth for the ROW region during the year continued to be impacted due to adverse currency movements in key markets. For FY 2025, the ROW business contribution was at 21.1%.

As per IQVIA MAT March 2025 data, Glenmarks Russia business recorded secondary sales growth of 10.2%. Ryaltris? sustained its momentum and gained further market share during the year. In the dermatology segment Glenmark demonstrated growth of 19.3% in value vs overall retail market growth of 16.6% in value as per IQVIA MAT March 2025. Amongst the dermatology companies in Russia, Glenmark ranks 9^th as per MAT March 2025. Amongst the companies present in the Expectorants market in Russia,

Glenmark continues to be ranked 2^nd as per MAT March 2025.

Glenmarks LATAM business recorded strong double- digit growth on the back of key launches in the respiratory portfolio. The first generic of Salmeterol + Fluticasone MDI launched by Glenmark in the Brazilian market in Q1 FY 2025 continues to gain market share. Glenmark continues to be ranked amongst the top 5 companies in the respiratory and dermatology therapeutic areas in the Mexican Pharma market.

In the Middle East and Africa region, the Company continued to achieve secondary sales growth in key markets. Glenmark ranks 2^nd in the overall pharmaceutical market in Kenya. Ryaltris? continues to be the leading nasal spray for Allergic Rhinitis in South

Africa and has seen strong pick-up post launch in key markets in the region.

In the Asia region, key markets such as Malaysia and the Philippines recorded double-digit secondary sales growth during the year and continued to grow faster than the market as per IQVIA MAT March 2025 data. Ryaltris? continued to drive the significant outperformance in the Australian market. New product launches in dermatology and respiratory are expected to contribute to growth in the upcoming quarters.

Creating Global Brands

Ryaltris?

• As of March 2025, marketing applications for Ryaltris? have been submitted to more than 90 countries across the world and the product has been commercialized in 44 markets. Further, it is expected to be launched in 10-12 additional markets over the next few quarters.

• As per IQVIA March 2025 data across markets, Ryaltris? has seen robust performance in terms of both value and unit market shares*. The product has achieved high double-digit market share in Australia, the Czech Republic, South Africa, Italy, Poland and other European markets. Further, Ryaltris? continues to witness a strong uptake in markets where the product was recently launched across Europe and ROW regions.

• Menarini, Glenmarks partner in the EU, has witnessed a steady increase in market share across all its licensed markets.

• Yuhan Corporation, Glenmarks partner in the South Korean market, continued to perform well and enjoy double-digit market share as per IQVIA March 2025.

• Glenmarks partner in Mainland China, Grand Pharmaceutical (China) Co. Ltd., expects to receive the approval in FY 2026.

Envafolimab

• Glenmark has filed Envafolimab in ~15 markets in FY 2025; the first market launch is expected in FY 2026.

• The Company has received authorization from the regulatory authority in Kenya for supply of Envafolimab via early access program.

• Glenmark also plans to initiate a global multi- center Phase 3 study in neo-adjuvant / adjuvant NSCLC in FY 2026.

Winlevi?

• The Company recently announced that Glenmark had received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) to market Winlevi? in the United Kingdom.

ICHNOS GLENMARK INNOVATION (IGI)

IGI features a robust pipeline of three innovative oncology molecules targeting Multiple Myeloma and solid tumors, of which ISB 2001 is in clinical development. Additionally, IGI has two autoimmune disease assets that have been out licensed to leading companies and are in clinical development:

• IGI entered an exclusive global licensing agreement for ISB 880 in autoimmune diseases with Almirall in December 2021. Within the terms of the agreement, Almirall assumed full cost and responsibility for the global development and commercialization of the compound. The deal includes development and commercial milestone payments, and tiered royalties based upon future global sales.

• Almirall initiated a Phase 1 study in 2022, to evaluate the safety, pharmacokinetics, pharmacodynamics and clinical activity of the licensed asset.

• IGI entered an exclusive global licensing agreement for ISB 830 and its follow-on ISB 830-X8 with Astria Therapeutics in October 2023.

• In January 2025, Astria announced initiation of a Phase 1a clinical trial of STAR-0310, a potential best-in-class OX40 Antagonist for the treatment of Atopic Dermatitis.

Multiple Myeloma Overview

• Multiple Myeloma (MM) remains a devastating and often fatal disease, with no current cure available. Despite advancements in treatment, many patients continue to face poor outcomes, especially those with relapsed or refractory (r/r) disease.

• The market for Multiple Myeloma therapies is projected to grow from USD 26.4 Bn in 2024 to approximately USD 49.5 Bn by 2030. This growth is driven by an aging population and increasing incidence of MM, highlighting the urgent need for effective treatments.

ISB 2001 TREAT™ TRISPECIFIC Antibody for Oncology and Immunology

• ISB 2001 represents a groundbreaking approach in the fight against multiple myeloma. It is a tri- specific T cell engager (TCE) that targets BCMA and CD38 on MM cells while engaging CD3 on

T cells to harness the bodys immune system against cancer. This dual targeting mechanism enhances tumor cell destruction and offers a new pathway to address the challenges faced in treating r/r MM. Due to its mechanism of action as a TCE, ISB 2001 can also potentially be a viable therapeutic option for various autoimmune indications.

• ISB 2001 is amongst the first tri-specific antibodies developed for use in MM and received Orphan Drug Designation from the FDA in July 2023.

• IGI completed enrolment of the Phase 1 dose escalation (Part-1) in March 2025 and initiated/ dosed the first patient in the dose expansion (Part-2) in April 2025.

• In May 2025, the U.S. FDA granted Fast Track Designation to ISB 2001 as a treatment for patients with relapsed/refractory multiple myeloma. Specifically, the indication includes patients who have received 3 or more prior lines of treatment including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody.

ISB 2001 Data Presentation at ASH2024

IGI presented first-time data from its Phase 1 study of ISB 2001 in an oral presentation at the 66^th American Society of Hematology (ASH) Annual Meeting in San Diego, CA. The oral presentation detailed out the results from the dose-escalation portion of the study. ISB 2001 demonstrated a favourable safety profile in patients with heavily pre-treated r/r MM and recorded a strong efficacy profile with an Overall Response Rate (ORR) of 75% across twenty heavily pre-treated patients. The complete presentation is available on https://www.iginnovate.com/.

ISB 2001 Data Presentation at ASCO 2025

IGI will present first-in-human, Phase 1 dose-escalation data from ISB 2001 in the Rapid Oral Abstract Session - a format reserved for high-impact clinical science with the potential to shape the standard of care - at the upcoming 2025 American Society of Clinical Oncology (AsCO) Annual Meeting.

Update on IGI Manufacuturing Facility

In March 2025, IGI announced its plans to cease all CMC development and clinical supplies manufacturing at its facility in La Chaux-de-Fonds, Switzerland. IGI is progressing its pipeline, and it is anticipated that higher quantities of finished product will be required for future clinical programs. IGI CMC development and manufacturing of ongoing and future clinical programs will be moved to a network of well-established global Contract Development and Manufacturing Organizations (CDMOs).

For further updates on IGI, including the pipeline assets, please log on to https://www.iginnovate.com/

Boards Report 2024-25

Your Directors have pleasure in presenting the 47th Annual Report on business and operations of the Company together with the Audited Financial Statements of the Company for the Financial Year (F.Y.) ended 31 March 2025.

FINANCIAL RESULTS

( in million)

Year ended 31 March 2024			Year ended 31 March 2025
Standalone	Consolidated (Continuing operations)	Particulars	Standalone	Consolidated (Continuing operations)
78,911.19	1,18,130.97	Gross Total Revenue	92,264.09	1,33,217.40
19,304.15	9,374.50	Profit before tax and exceptional item	23,331.84	17,720.28
51,672.91	(18,308.50)	Profit/(Loss) after tax for the year	16,103.50	10,471.42
(47.58)	(120.31)	Other Comprehensive Income for the year (not to be reclassified to P&L)	(64.66)	(81.40)
-	(479)	Other Comprehensive Income for the year (to be reclassified to P&L)	-	723.38
1,60,028.17	94,570.39	Surplus brought forward from last balance sheet	2,10,881.28	78,704.49
2,11,653.50	79,476.70	Profit available for appropriation	226,920.12	89,094.06

The Company has not transferred any amount out of the profit of the year to the General Reserves.

DIVIDEND

The Dividend Distribution Policy of the Company has been formulated to ensure compliance with the provisions of Regulation 43A of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (Listing Regulations). The policy is uploaded on the Companys website at the link: https://glenmark.b-cdn.net/gpl_pdfs/about_us/Dividend-
Distribution-Policy.pdf.

In line with the said Policy, the Board of Directors (Board) have recommended a Dividend of 250% ( 2.5/- per equity share of Rs 1 each) to be appropriated from the profits of the F.Y. 2024- 25 subject to the approval of the Shareholders at the ensuing Annual General Meeting (AGM). The dividend will be paid in compliance with applicable Section of the Companies Act, 2013 (Act) & Listing Regulations. The dividend, if approved, will result in an outflow of Rs 705.50 million.

RESULTS OF OPERATIONS

INDIAN ACCOUNTING STANDARDS (IND AS)

Financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the Ind AS) as notified by the Ministry of Corporate Affairs pursuant to Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act.

On Standalone basis the Company achieved gross revenue of Rs 92,264.09 million as compared to Rs 78,911.19 million in the previous year and the Standalone operating profit before tax and exceptional item was Rs 23,331.84 million as compared to Rs 19,304.15 million in the previous year.

On Consolidated basis the Company achieved a gross revenue of Rs 1,33,217.40 million as compared to Rs 1,18,130.97 million in the previous year and the Consolidated operating profit before tax and exceptional item was Rs 17,720.28 million as compared to Rs 9,374.50 million in the previous year.

INTEGRATED REPORT

The Company has voluntarily provided the Integrated Report, which offers stakeholders with financial and non-financial information about the Company, allowing them to better comprehend the Companys current status and long- term prospects and make educated decision. The Integrated Report also covers aspects such as materiality assessment, forward looking strategy, value creation model, corporate governance, risk management, performance and prospects of value creation based on the six forms of capitals viz. financial capital, manufactured capital, intellectual capital, human capital, social and relationship capital and natural capital.

CORPORATE GOVERNANCE

The Company believes Corporate Governance is at the core of stakeholder satisfaction. As per Regulation 34(3) read with Schedule V of the Listing Regulations, a separate section on corporate governance practices followed by the Company, together with a certificate from the Companys Secretarial Auditor confirming compliance with the aforesaid Regulations forms an integral part of this Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provision of Section 152 of the Act, Mrs. Cherylann Pinto (DIN: 00111844), retires by rotation at the ensuing AGM and being eligible, offers herself for re-appointment. The Board has recommended her re-appointment for consideration of the Shareholders.

Relevant details including profile of Mrs. Cherylann Pinto seeking the re-appointment are included separately in the Notice of AGM.

Appointment of Mr. Pradeep Kumar Sinha (DIN: 00145126) as Non-Executive -Independent Director of the Company:

On the recommendation of the Nomination & Remuneration Committee, the Board at its meeting held on 14 February 2025, appointed Mr. Pradeep Kumar Sinha (DIN:00145126), as an Additional Director (Non- Executive Independent) of the Company, to hold office for a term of 5 (Five) consecutive years effective from 14 February 2025 up to 13 February 2030, not liable to retire by rotation. The special resolution proposed for the appointment of Mr. Pradeep Kumar Sinha was approved by the Shareholders through postal ballot result dated 25 April 2025, with requisite majority.

Re-appointment of Mr. Rajesh Desai (DIN: 00007960) as an Independent Director of the Company:

On the recommendation of the Nomination & Remuneration Committee, the Board at its meeting held on 14 February 2025, had approved re-appointment of Mr. Rajesh Desai (DIN: 00007960) as an Independent Director of the Company not liable to retire by rotation to hold office for a second term of 5 (five) consecutive years commencing from 26 June 2025 up to 25June 2030. However, the special resolution proposed for the re-appointment of Mr. Rajesh Desai was not approved by the Shareholders through postal ballot result dated 25 April 2025, with requisite majority. Consequently, Mr. Rajesh Desai will cease to be an Independent Director of the Company with effect from 25 June 2025.

Re-appointment of Mr. Dipankar Bhattacharjee (DIN: 08770548) as an Independent Director of the Company:

On the recommendation of the Nomination & Remuneration Committee, the Board at its meeting held on 14 February 2025, had approved re-appointment of Mr. Dipankar Bhattacharjee (DIN: 08770548) as an Independent Director of the Company not liable to retire by rotation for a second term of 5 (five) consecutive years commencing from 14 August 2025 up to 13 August 2030. The special resolution proposed for the re- appointment of Mr. Dipankar Bhattacharjee was approved by the Shareholders through postal ballot result dated 25 April 2025, with requisite majority.

Early retirement of Mr. V.S. Mani (DIN: 01082878) as an Executive Director & Global Chief Financial Officer of the Company:

Mr. V.S. Mani (DIN: 01082878), Executive Director & Global Chief Financial Officer of the Company had conveyed his decision to opt for early retirement and had decided to step down from the position of an Executive Director & Global Chief Financial Officer with effect from close of 26 May 2025. The Resignation letter received from Mr. V.S. Mani was noted by the Board through circular resolution dated 6 April 2025.

Appointment of Mr. Anurag Mantri (DIN: 05326463) as an Additional Director (Whole-Time Director, designated as Executive Director) & Global Chief Financial Officer of the Company:

On the recommendation of the Nomination & Remuneration Committee, the Board had approved appointment of Mr. Anurag Mantri, as the President - Finance through circular resolution dated 6 April 2025. Further the candidature of Mr. Anurag Mantri to the office of Executive Director & Global Chief Financial Officer was placed before the Audit Committee, Nomination & Remuneration Committee and the Board of the Company. The Board, on the recommendation of the Audit Committee and Nomination & Remuneration Committee, appointed Mr. Anurag Mantri (DIN:0536463), as an Additional Director (Whole-Time Director, designated as Executive Director) & Global Chief Financial Officer of the Company with effect from 27 May 2025, subject to the approval of the Shareholders.

Independent Directors

All Independent Directors have declared that they meet the criteria of Independence as laid down under Section 149(6) of the Act and Regulation 16(b) of the Listing Regulations.

In terms of Regulation 25(8) of the Listing Regulations, all the Independent Directors have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence.

The Independent Directors of the Company have confirmed that they have enrolled themselves in the Independent Directors Databank maintained with the Indian Institute of Corporate Affairs (IICA) in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment & Qualification of Directors) Rules, 2014, as amended.

All the Independent Directors have affirmed compliance with the Code of Conduct for Independent Directors as prescribed in Schedule IV of the Act.

During the year, apart from receiving directors remuneration, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company, other than sitting fees and reimbursement of expenses incurred by them for the purpose of attending meetings.

The Shareholders of the Company, on the recommendation of Nomination & Remuneration Committee and the Board, had approved payment of remuneration to Non-Executive Directors (Other than Promoter/ Promoter Group non- executive director) of the Company by way of commission, such that the sum in aggregate shall not exceed 1% of the net profits of the Company up to Rs. 1,50,00,000/- (Rupees One Crore Fifty Lakh only) whichever is less in any financial year, computed in accordance with the provisions of Section 198 of the Act for a period of three (3) years from financial year 2024-25, in addition to the sitting fees and reimbursement of expenses being paid to them by the Company for attending the Board/Committee Meetings of the Company.

The ordinary resolution proposed for the payment of commission to the Non-Executive Directors (Other than Promoter/ Promoter Group non-executive director) of the Company was approved by the Shareholders through postal ballot result dated 25 April 2025, with requisite majority.

Key Managerial Personnel

In terms of Section 203 of the Act, following are the Key Managerial Personnel (KMP) of the Company:

> Mr. Glenn Saldanha - Chairman & Managing Director

> Mrs. Cherylann Pinto - Whole time Director - Corporate Services

> Mr. V. S. Mani - Executive Director & Global Chief Financial Officer

> Mr. Harish Kuber - Company Secretary & Compliance Officer.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

As per Section 129(3) of the Act, and Listing Regulations, the Consolidated Financial Statements of the Company and all its subsidiaries for the F.Y. ended 31 March 2025 prepared in accordance with Ind AS forms part of the Annual Report.

Further, in terms of the first proviso of Section 129(3) of the Act and Rules 5 and 8(1) of the Companies (Accounts) Rules, 2014 a statement containing the salient features, performance and financial position of the subsidiaries in the prescribed Form AOC-1 is appended herewith as "Annexure I" to the Report.

During the year, the Company sold 96,09,571 equity shares of Glenmark Life Sciences Limited ("GLS") representing 7.84% of the issued and paid-up equity share capital of GLS, held by the Company (including equity shares held by certain individuals where the beneficial ownership was with the Company) and by the Promoter Individual, by way of an offer for sale through the stock exchange mechanism. Hence, holding of the Company and its promoters in GLS became Nil.

During the year, the Company acquired 34% stake in the O2 Renewable Energy XXIV Private Limited. The acquisition of shares will enable the Company to invest in renewable energy and thereby comply with regulatory requirement for being a captive user under Indian electricity laws. As per Section 2(6) of the Act, O2 Renewable Energy XXIV Private Limited is considered as an Associate Company with effect from 17 December 2024. However, it is not considered as an Associate for accounting as per IND AS 28.

Further, a wholly owned subsidiary of the Company in the name of "Glenmark Consumer Care Limited" was incorporated on 23 May 2025.

Names of the step down subsidiaries of the Company were revised from Ichnos Sciences Inc. to Ichnos Glenmark Innovation Inc., Ichnos Sciences SA to IGI Therapeutics SA and Ichnos Sciences Biotherapeutics SA to IGI Biotherapeutics SA.

The Audited Accounts of the subsidiaries together with its Boards Report and Auditors Report are available for inspection of members on any working day at the Corporate Office of the Company between 11:00 a.m. to 1:00 p.m. The Company will also make available these documents upon request by any member of the Company interested in obtaining the same.

Pursuant to various amendments in Listing Regulations, the Board revised the policy on material subsidiary. The same may be accessed on the Companys website at the link: https://qlenmark.b-cdn.net/qpl_pdfs/about_us/Policy%20 for%20Determininq%20Material%20Subsidiaries2024.pdf

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed review of Companys business operations, performance, future outlook, etc., as required under Regulation 34 read with Part B of Schedule V of Listing Regulations is given in the Management Discussion and Analysis Report. This report forms an integral part of the Annual Report.

RELATED PARTY TRANSACTIONS

Particulars of contracts and arrangements entered into with related parties referred to in Section 188(1) of the Act in the prescribed Form AOC-2 is appended as "Annexure II" to this report.

All Related Party Transactions are placed before the Audit Committee for approval. Prior omnibus approval of the Audit Committee is obtained for the transactions which are repetitive in nature. A statement of all Related Party Transactions is placed before the Audit Committee for its review on a quarterly basis, specifying the nature, value and terms and conditions of the transactions.

In terms of the provisions of the SEBI (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2021, the Company has formulated a Policy on Related Party Transactions and its Materiality. The revised policy on Related Party Transactions and its Materiality in line with SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2024 was approved by the Board at its meeting held on 14 February 2025. The revised policy is available on the Companys website at the link: https://glenmarkpharma.com/ about-us/governance/

In terms of Regulation 23 of the Listing Regulations, the Company submits details of Related Party Transactions as per the format specified in the relevant accounting standards/ SEBI notification to the Stock Exchanges on a half-yearly basis.

AUDITORS AND AUDITORS REPORT

STATUTORY AUDITORS:

At the 42nd Annual General Meeting held on 29 September 2020, the Shareholders approved the appointment of M/s. Suresh Surana & Associates LLP, Chartered Accountants (ICAI Firm Registration No. 121750W/W-100010) as Statutory Auditors of the Company to hold office for a period of five years from the conclusion of that AGM till the conclusion of 47th Annual General Meeting.

The report given by the Statutory Auditor on the financial statements of the Company forms part of the Annual Report. There is no qualification, reservation, adverse remark or disclaimer given by the Statutory Auditor in their report.

COST AUDITORS:

Pursuant to Section 148 of the Act, read with Companies (Cost Records and Audit) Rules 2014, as amended from time to time, the cost audit records maintained by the Company are required to be audited. In terms of the provisions of the Act, the remuneration payable to Cost Auditors is required to be ratified by the Shareholders at the ensuing AGM and the same has been included in the Notice convening the AGM.

Based on the recommendations of the Audit Committee, Board has appointed M/s. R A & Co, Cost Auditors, to audit the cost records of the Company for F.Y. 2025-26 at a remuneration of Rs 2.8 million. They have confirmed that their appointment is in accordance with the applicable provisions of the Act and rules framed thereunder and that they are not disqualified to be appointed as the Cost Auditors of the Company for the year ending 31 March 2026.

INTERNAL AUDITORS:

Pursuant to the provisions of Section 138 of the Act and the Companies (Accounts) Rules, 2014, the Board, on the recommendation of Audit Committee has appointed Aneja Associates, Chartered Accountant as the Internal Auditor of the Company. The internal audit was also carried out by other audit firms having requisite expertise and resources.

SECRETARIAL AUDITORS:

S. S. Rauthan & Associates, Secretarial Auditors (Firm registration No. S1999MH026900), submitted the Secretarial Auditors Report for the financial ended 31 March 2025 which is annexed as Annexure III to this report. In compliance with Regulation 24A of the SEBI Listing Regulations, the Annual Secretarial Compliance Report issued by the Secretarial Auditor was submitted to the Stock Exchanges within the statutory timelines.

The Secretarial Audit Report and the Annual Secretarial Compliance Report did not contain any qualification, reservation, adverse remarks or observation.

The Auditors of the Company have not reported any fraud as specified under the second proviso of Section 143(12) of the Act (including any statutory modification(s) or re-enactment(s) thereof for the time being in force).

INTERNAL FINANCIAL CONTROL (IFC) AND ITS ADEQUACY

The Company has laid down an adequate system of internal controls, policies and procedures for ensuring orderly and efficient conduct of the business, including adherence to the Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures. The current system of IFC is aligned with the statutory requirements and are adequate and operating effectively.

Effectiveness of IFC is ensured through Management reviews, controlled self-assessment and independent testing by the Internal Auditor.

EMPLOYEE STOCK OPTIONS SCHEME 2016

At the Annual General Meeting of the Company held on 12 August 2016, the Shareholders had approved a Scheme Glenmark Pharmaceuticals Limited - Employee Stock Options Scheme 2016 ("ESOS 2016") under the SEBI (Share Based Employee Benefits) Regulations, 2014 and other applicable laws, Regulations, etc. for the purpose of granting options to the permanent employees of the Company and its subsidiaries, as applicable.

At the Annual General Meeting of the Company held on 29 September 2017, the Shareholders approved the amendment to the Scheme in relation to re- pricing of the options granted from Rs 800 to Rs 600 and maximum number of options that would be granted would be up to 1% of the paid up share capital of the Company as at 31 March 2017 i.e. Rs 28,21,68,156/- (28,21,68,156 Equity Shares of Rs 1/- each) i.e. 28,21,682 options which upon exercise would result in the issue of 28,21,682 shares of Rs 1/- each.

During the F.Y. 2024-25, no options were allotted. As of 31 March 2025, 37,779 options were outstanding. The Operations Committee of the Company at its meeting held on 17 April 2025 approved the allotment of 12,653 equity shares of face value of Re. 1/- each to the eligible employee who has exercised stock options under ESOS 2016.

On exercising the convertible options so granted, the paid up equity share capital of the Company increased by a like number of shares.

The Nomination and Remuneration Committee at its meeting dated 22 May 2025 approved the grant of 1,19,318 options to the eligible employee.

The information in compliance with Regulation 14 of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 as amended is appended herewith as "Annexure IV" to this Report.

CHANGES IN CAPITAL STRUCTURE

During the year under review, there was no change in the paid-up share capital of the Company.

The paid-up equity share capital of the Company as on 31 March 2025 was Rs 28,21,88,156.

FINANCE

U.S. $ 40,000,000, International Finance Corporation (IFC), ECB Facility:

The Company had obtained LRN from RBI to raise an ECB Facility to the extent of U.S. $ 40 million. The ECB Facility for U.S. $ 40 million was executed in February, 2021 and the Company availed U.S. $ 16,574,250 in April, 2021 and the proceeds were utilized for the purpose of refinancing the FCC Bonds. The Company further availed U.S. $ 7,500,000 and U.S. $ 1,203,000 in June, 2021 and September, 2021 respectively. The ECB Facility was raised from International Finance Corporation with a maturity of 5.7 years. The interest margin over U.S. $ LIBOR was 3.08% p.a. up to September, 2021; 2.83% p.a. up to December 2023 and 3.26% over SOFR thereafter.

The Company prepaid and closed the outstanding loan of U.S. $ 15,798,281.25 along with accrued interest in August, 2024.

CREDIT RATINGS

> S&P Global has affirmed Long Term Rating as BB+, Outlook Stable.

> Fitch Ratings has affirmed Long-Term Issuer Default Rating (IDR) as BB, Outlook Stable.

> Crisil Ratings has reaffirmed Long Term Rating as Crisil AA, outlook Stable. Short Term ratings reaffirmed as Crisil A1+.

> India Ratings and Research (Ind-Rs) has affirmed Long Term Rating as IND AA, Outlook Stable. Short Term ratings affirmed at IND A1+.

LISTING AT STOCK EXCHANGES

The Equity shares of the Company continue to be listed on BSE Limited and The National Stock Exchange of India Limited.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo as stipulated under Section 134(3)(m) of the Act, read with

Rule 8 of the Companies (Accounts) Rules, 2014 is appended herewith as "Annexure V" to this Report.

ANNUAL RETURN

Pursuant to Section 92 read with Section 134(3)(a) of the Act, the Annual Return as on 31 March 2025 is available on the Companys website at https://glenmarkpharma.com/ investors/reports-presentations/annual-return/.

UNCLAIMED DIVIDEND/ SHARES

In pursuance of Regulation 39 read with Schedule VI of the Listing Regulations, the details of underlying shares in unclaimed suspense account and unclaimed shares / dividend transferred to Investor Education & Protection Fund (IEPF), are provided in the Report on Corporate Governance.

PARTICULARS OF EMPLOYEES & REMUNERATION

Information as required under the provisions of Section 197(12) of the Act, read together with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is appended herewith as "Annexure VI" to this report.

The information required pursuant to Section 197(12) of the Act, read with Rules 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, is appended herewith and forms part of the Report. Any member interested in obtaining a copy thereof, may write an email to complianceofficer@glenmarkpharma.com.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company believes in giving back to society in some measure that is proportionate to its success in business. CSR aims at balancing the needs of all stakeholders. The Companys CSR initiative goes beyond charity and believes that as a responsible Company it should take into account its impact on society as much as creating business impact. The report on the CSR activities undertaken by the Company in the format prescribed in the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 including the composition of the CSR Committee is appended herewith as "Annexure VII" to this Report.

The CSR Policy of the Company is available on the Companys website at https://glenmark.b-cdn.net/gpl_pdfs/about_us/ CSR%20Policya.pdf.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Sections 134(3)(c) and 134(5) of the Act, the Directors confirm that -

i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 March 2025 and of the profit of the Company for the year ended 31 March 2025;

iii. proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the annual accounts have been prepared on a going concern basis;

v. they have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and were operating effectively;

vi. proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.

BOARD PERFORMANCE EVALUATION

The Company believes that the process of performance evaluation at the Board level is pivotal to its Board engagement and effectiveness. The Nomination & Remuneration Policy of the Company empowers the Board to formulate a process for effective evaluation of the performance of individual directors, Committees of the Board and the Board as a whole pursuant to the provisions of the Act and Regulation 17 and Part D of Schedule II to the Listing Regulations. The Board has carried out the annual performance evaluation of its own performance, Committees of the Board and each Director individually. The Company has adopted a web based application to carry out annual performance evaluation process. The Director receives evaluation questionnaire through the application which can be accessed through the iPads. The said application is password protected and highly secured. A questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Boards functioning such as Diversity of the Board, composition and adequate committees, functional dynamics, Governance, Board Relationships etc.

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, strategic vision of director, involvement, professional independence etc.

The Independent Directors of the Company met on 21 March 2025 without the presence of Non-Independent Directors and members of the management to review the performance of Non-Independent Directors and the Board as a whole; review the performance of the Chairman and Managing Director of the Company and to assess the quality, quantity and timeliness of flow of information between the management and the Board.

FAMILIARIZATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

In compliance with the requirements of Listing Regulations, the Company has put in place a familiarization programme for the Independent Directors to familiarize them with their roles, rights and responsibilities as an Independent Director, the working of the Company, changes in the regulatory environment, etc. The Board members are regularly updated regarding key developments and any important regulatory amendments applicable to the Company.

During the F.Y. 2024-25, the Company had conducted exclusive session for Independent Directors on Regulatory and Compliance updates with the help of an external agency. The familiarization programme may be accessed on the Companys website at https://glenmark.b-cdn.net/gpl_pdfs/ about_us/familiarisation_programme_for_independent_ directors.pdf

BOARD AND COMMITTEE MEETINGS

A calendar of Board and Committee Meetings to be held during the year was circulated well in advance to the Directors. Six Board Meetings were convened and held during the year. The Board had a duly constituted Audit Committee with Mr. Rajesh Desai as the Chairman and Mrs. Vijayalakshmi Iyer and Ms. Sona Saira Ramasastry as the Members.

At the Board Meeting dated 14 February 2025, the Committee was reconstituted and Mr. Rajesh Desai was appointed as a Member, while Mrs. Vijayalakshmi Iyer was appointed as the Chairperson of the Audit Committee with effect from 15 February 2025. Further, there have been no instances during the year where recommendations of the Audit Committee were not accepted by the Board.

Details of the Composition, attendance of members and other details of the Board and its Committees, are provided in the Corporate Governance Report, which forms an integral part of this Report. The intervening gap between the Meetings was within the period prescribed under the Act and Listing Regulations.

NOMINATION AND REMUNERATION POLICY

Pursuant to the provisions of Section 178(4) of the Act and Regulation 19(4) of Listing Regulations the policy on the appointment of Directors including Independent Directors, KMP and Senior Management and the policy on remuneration of the Directors, KMP and other employees provides a referendum based on which the Human Resource Management Team plans and strategizes their recruitment plans for the strategic growth of the Company. The Nomination & Remuneration Policy may be accessed on the Companys website at https://glenmark.b-cdn.net/gpl_pdfs/ about_us/nomination_and_remuneration_policy.pdf.

RISK MANAGEMENT POLICY AND INTERNAL ADEQUACY

The Company has put in place an Enterprise Risk Management Policy. The Risk register is updated at regular intervals. In terms of the provision of Section 134 of the Act, a detailed note on Risk Management has been provided in the Integrated Report. The Companys internal control systems are commensurate with the nature of its business and the size and complexity of its operations. These are routinely tested and certified by Statutory as well as Internal Auditors and cover all offices, factories and key business areas. Significant audit observations and follow up actions thereon are reported to the Audit Committee. The Audit Committee reviews adequacy and effectiveness of the Companys internal control environment and monitors the implementation of audit recommendations, including those relating to strengthening of the Companys risk management policies and systems.

The risk management policy has been uploaded on the Companys website at https://glenmark.bcdn.net/ qpl_pdfs/about_us/Risk%20Manaqement%20Policy%20 %28revised%2024-05-2024%29.pdf.

WATER AND BIODIVERSITY POLICY

During the year under review, the Company has adopted Water and Biodiversity Policy which focuses on understanding the interdependence between operations and biodiversity around the area of operations and how Company can sustain the same and also initiatives that will help in business resilience through implementation of sustainable water management practices in all operations of the Company globally.

HUMAN RESOURCES

Human Resources are the most precious asset of our Company. Establishing safe, transparent, diverse, inclusive and growth oriented work environment is Companys topmost goal.

The priority of Human Resource function is to invest in their training and professional development to ensure they have the essential skills, domain expertise and cutting-edge technology to support the business goals and strategy.

The Companys industrial relations continued to be harmonious during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Particulars of loans, guarantees and investments covered under Section 186 of the Act, form part of the notes to the standalone financial statements forming a part of this Report.

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT (BRSR)

Pursuant to the provisions of Regulation 34(2)(f) of the Listing Regulations, Business Responsibility and Sustainability Report ("BRSR"), along with assurance report issued by DNV Business Assurance India Private Limited on the BRSR core indicators, forms part of this Integrated Report.

GENERAL

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.

3. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.

4. No significant or material orders were passed by the regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.

5. There was no change in the nature of business of the Company.

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board and General Meetings.

POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Company has in place a Policy on Prevention of Sexual Harassment at Workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("Prevention of Sexual Harassment of Women at Workplace Act") and Rules framed thereunder and an Internal Complaints Committee has also been set up to redress complaints received regarding sexual harassment.

The Company has ensured wide dissemination of the Policy and the provisions of Prevention of Sexual Harassment of Women at Workplace Act by constituting internal complaint committee and conducting sessions throughout the Company. Four complaints were received and addressed during the F.Y. 2024-25, under the Sexual Harassment of Women at Workplace Act. No Complaint was pending as on 31 March 2025.

The Company is committed to providing safe and conducive work environment to all of its employees and associates.

WHISTLEBLOWER POLICY AND VIGIL MECHANISM

The Company has adopted a Whistleblower Policy and Vigil Mechanism to provide a formal mechanism to the Directors, employees and other external stakeholders to report their concerns about unethical behaviour, actual or suspected fraud or violation of the Companys Code of Conduct. The Policy provides for adequate safeguards against victimization of employees who avail of the mechanism. No personnel of the Company has been denied access to the Chairperson of the Audit Committee. The Whistleblower Policy and Vigil Mechanism ensures that strict confidentiality is maintained in such cases and no unfair treatment is meted out to a Whistleblower. The Company, as a Policy, condemns any kind of discrimination, harassment, victimisation or any other unfair employment practice being adopted against Whistleblowers. The Whistleblower Policy may be accessed on the Companys website at https://glenmark.b-cdn.net/gpl_pdfs/about_us/ Whistleblowing%20Policy.pdf.

GREEN INITIATIVE

The MCA had undertaken the Green Initiative in Corporate Governance by allowing paperless compliances by companies through electronic mode. We request all the Shareholders to support the Green Initiative of the Ministry of Corporate Affairs and the Companys continuance towards greener environment by enabling the service of the Annual Report, AGM Notice and other documents electronically to your email address registered with your Depository Participant/ Registrar and Share Transfer Agent. The Company appeals to you, its Shareholders, who are yet to register the e-mail addresses that they take necessary steps for registering the same so that you can also become a part of the initiative and contribute towards a greener environment.

APPRECIATION AND ACKNOWLEDGEMENTS

The Directors express their gratitude to the Companys customers, shareholders, business partners viz. distributors and suppliers, medical professionals, Companys bankers, financial institutions including investors for their valuable sustainable support and co-operation.

The Directors commend the continuing commitment and dedication of employees at all levels.

For and on behalf of the Board of Directors

Glenn Saldanha

Chairman & Managing Director

(DIN: 00050607)

Place: Mumbai

Date: 23 May 2025