On behalf of the Board of Directors of the Company, it gives me pleasure in presenting the 34^th Board’s
Report, along with the Audited Financial Statements (Consolidated & Standalone) for the financial year ended
March 31, 2025.

1. Financial performance

Company has prepared the Consolidated and Standalone Financial Statements for the financial year ended
March 31, 2025, in accordance with the Indian Accounting Standards (Ind AS) as prescribed under the
Companies Act, 2013 (Act).

Key highlights of Consolidated and Standalone Financial performance of the Company for the financial
year ended March 31, 2025 is provided below:

¹Revenues referred in this section excludes interest income, guarantee commission, rental incomes and other non¬
operating income.

²EBITDA referred in this section is post employee benefit expenses and operating expenses.

³FY24 figures are excluding the numbers related to the demerged Softgel business.

2. Company’s performance

FY25 marked a strong year for Strides,
characterised by robust execution and consistent
performance across key operational metrics.
The Company had set out clear targets for FY25,
including revenue growth of 12-15% YoY, EBITDA
in the range of '7,500-'8,000 million, a Net Debt
to EBITDA ratio below 2x, and US revenue between
USD 275-290 million.

Strides not only met but exceeded these
guidance metrics. Consolidated revenue stood
at '45,653 million, reflecting a YoY growth
of approximately 17.2%, driven by the strong
performance of the US business. EBITDA grew by
36.8% YoY to ' 8,028 million, reflecting enhanced
operational efficiency and margin resilience
post demerger. Company reduced its Net Debt
significantly to ' 15,222 million*, a reduction
of ' 5,128 million during FY25. Consequently,
Net Debt/ EBITDA ratio was at 1.9x* as at
March 31, 2025. US business clocked US$ 291 million
in revenues thereby achieving a YoY growth of
21.8% propelled by new product launches, steady
base business and a strong commercial execution
framework. Company’s operational PAT for FY25
was at ' 3,447 million with operational EPS at ' 37.5
per share, a 12x growth YoY.

Strong operating leverage, cash flow generation
and overall financial discipline has significantly
improved Company’s profitability and

strengthened its Balance Sheet position for FY25.
This is clearly demonstrated in Company’s key
balance sheet metric viz., Net Debt to Equity ratio
improved to 0.59x* (as against 0.98x in FY24), Net
Debt to EBITDA improved to 1.90x* (as against
2.72x in FY24), Cash to Cash Cycle improved by
12 days to 117 days, one of the best in Industry,
Current Ratio improved to 1.24x^A (as against 1.10x
in FY24), Return on Capital Employed improved to
14.86% (as against 12.83% in FY24) and Fixed Asset
Turnover Ratio improved to 4.95x (as against 4.60x
in FY24).

Market Wise Performance for the year
US Business

Revenue from the US business for FY25 stood
at ' 24,457 million (US$ 291 million), as against
' 20,078 million (US$ 243 million) in FY24, a
growth of 21.8% YoY. Company launched seven
new products and sustained market share across
its existing portfolio led by consistent demand,
operational reliability, and strong field execution.

Of the 73 products commercialized, Strides
is ranked amongst the top three player in 36
products, thereby enjoying a market leading
position for several years. Industry leading
customer service levels amongst generic pharma

*Net debt is arrived post adjusting for ‘Deferred consideration receivable
^ACurrent liabilities exclude current maturities of long-term borrowings

players is leading to near-zero-Failure to Supply
penalties for Strides.

From a US business perspective, focus shall
continue to remain on fast-tracking launches from
the approved basket of ANDAs (230 ANDAs with
215 approvals) which comprises of acute and
chronic products, including domains of controlled
substances, hormones and nasal sprays. Company
has identified 60 dormant ANDAs from the
portfolio, which are under various regulatory
phases of PAS (Prior Approval Supplements)
for source changes and cost leadership to be
relaunched over the next three years to achieve
the annual revenue objective of US$ 400 million
by FY28. Company has also invested in new
segments as part of its long-term strategy to
grow beyond US$ 400 million mark. Our active
engagement in various activities, including in¬
licensing, partnering and developing in-house
capabilities further boost our capability to enrich
our portfolio.

Other Regulated Markets (ORM)

ORM comprising of all Regulated Markets
excluding US Business delivered a YoY growth of
13.5%.

FY25 Revenue from ORM stood at ' 13,585 million
(US$ 162 million) as against ' 11,964 million (US$
145 million) in FY24.

In Europe, Company has onboarded new partners
with a pan-European presence, enhancing
long-term market access. Our sustained focus
on customer advocacy and reliable supply has
enabled us to expand our customer base and
strengthen our market presence. Further, a robust
in-licensing portfolio has been established to drive
near-term growth in the UK and Nordic regions.

From an ORM Business Outlook perspective,
expansion of the product portfolio and new
customer acquisitions, converting existing strong
funnel of new opportunities and continued
momentum in filings and approvals shall drive
growth in this market.

Growth and Access Markets

Growth Market comprises of Africa operations and
new geographies of LATAM, MENA, CIS and APAC.

Revenue from Growth Markets for FY25 stood at
' 4,927 million (US$ 59 million) as against ' 3,967
million (US$ 48 million) in FY24, reporting a YoY
growth of 24.2% led by Africa operations and
driven by new product launches.

From Growth Markets Business Outlook
perspective, focus on portfolio maximization
strategies and astute channel partner expansion
shall drive the future growth. Growth Market is
positioned for strong growth through geographical
expansion and new product launches.

Access Markets (Institutional Business) revenue
continues to be lumpy as all the business is tender
driven. Revenue for FY25 stood at ' 2,685 million
(US$ 32 million) as against ' 2,937 million (US$
36 million) in FY24, recording a YoY de-growth
of 8.6%.

From an Access Markets Business Outlook
perspective, focus on Cost Initiative Programs
with vendors to reduce COGS and enhancing the
competitiveness shall drive growth in this market.

Other Key Achievement during FY25

• Company received an industry leading ESG
rating of 76/ 100 from S&P Global on its debut
voluntary participation in their Corporate
Sustainability Assessment (CSA). Strides
was also featured in S&P Global’s Global
Sustainability Yearbook 2025 for achieving
“Top 10%" global ranking.

• Company successfully completed demerger
of its Identified CDMO and Soft Gelatin
business to OneSource Specialty Pharma
Limited (OneSource). OneSource, India’s
leading specialty pharma pure play
Contract Development and Manufacturing
Organizations (CDMO) was listed with
the Stock Exchanges (NSE and BSE) on
January 24, 2025. The said transaction
delivered incremental value of 78,800
million for Strides’ shareholders. This
milestone is a testament to our philosophy
of creating value for all stakeholders.

• Company has received multiple external
recognitions across diverse functional
areas, including Packaging, Manufacturing
Excellence, Women Empowerment, Quality
Culture, Supply Chain, Treasury, Legal, and
CSA (Corporate Sustainability Assessment)
scores, amongst others. These accolades
underscore the Company’s commitment to
strong governance practices, reinforced by
close performance monitoring and compliance
reviews across business functions.

In summary, Company performance demonstrated
‘Robustness’ with its metrics driven financial
performance; ‘Resilience’ through its efficiency
led operations; and ‘Reliability’ with focused
efforts on both people and processes across the
organization.

As we look ahead, Company remains focused
towards disciplined execution of its business
strategies, underpinned by strong governance and
a deep commitment to ESG, all aimed at delivering
superior business outcomes and creating long¬
term value for all stakeholders.

3. Dividend for FY25

Board of Directors of the Company recommend
a Final Dividend of ' 4/- per equity share of face
value of ' 10 each. Aggregate dividend payout if
approved by the Shareholders will be ~' 368.65
million, with a payout ratio of 62% of PAT on a
Standalone basis.

Dividend is subject to approval of Shareholders
of the Company at the ensuing Annual General
Meeting (AGM) and deduction of tax at source.
Dividend if approved by the Shareholders, would
be paid within 30 days from the date of AGM
to those Shareholders whose name appear in
the Register of Members as on the Record Date
mentioned in the Notice convening the AGM.

Dividend payment is based upon the parameters
mentioned in the Dividend Distribution Policy
approved by the Board of Directors of the Company,
which is in line with Regulation 43A of the SEBI
(Listing Obligations and Disclosure Requirements)
Regulations, 2015 (SEBI Listing Regulations).

The said Policy is available on the Company’s
website and web link to access the same is
provided in Page 156 of the Annual Report.

4. Transfer to Reserves

Movement in Reserves and Surplus during the
financial year ended March 31, 2025, is provided
in the Statement of Changes in Equity included
in the Consolidated and Standalone Financial
Statements (Refer Note no. 20 and 19, respectively).

5. Update on Corporate Actions

During the year under review and to the date
of this Report, your Company has undertaken/
initiated the following key corporate actions:

5.1 Scheme of Arrangements

5.1.1 Amalgamation of Strides Alathur Private
Limited (formerly known as Vivimed Life
Sciences Private Limited) into the Company

Strides Alathur Private Limited (Strides
Alathur), Company’s wholly owned subsidiary
amalgamated into the Company pursuant to
a Scheme of Amalgamation (Scheme) under
Section 230-232 of the Companies Act, 2013.

Scheme received approval of the Hon’ble
National Company Law Tribunal (NCLT),
Mumbai Bench on August 13, 2024. Appointed
Date for the said Scheme is April 1, 2023; and
Effective Date of the Scheme pursuant to
requisite regulatory filings with the Registrar
of Companies/ Ministry of Corporate Affairs
is September 12, 2024.

Consequent to the Amalgamation,
investment in the share capital of Strides
Alathur appearing in the books of accounts

of the Company stands cancelled and Strides
Alathur ceased to exist as a legal entity
effective September 12, 2024.

5.1.2 Demerger of Strides’ CDMO business
pertaining to Soft Gelatin Capsules to
OneSource

Pursuant to a Scheme of Arrangement amongst
the Company, Steriscience Specialties
Private Limited (Steriscience) and OneSource
Specialty Pharma Limited (formerly known
as Stelis Biopharma Limited) (OneSource) and
their respective shareholders under Section
230-232 of the Companies Act, 2013, Company
completed demerger of Contract Development
and Manufacturing (CDMO) business
pertaining to the Soft Gelatin Capsules (SGC)
of Strides to OneSource. Pursuant to the said
Scheme, CDMO business of complex and
specialty injectables of Steriscience was also
demerged to OneSource.

Consequently, OneSource has become India’s
first Specialty Pharma CDMO covering
biologics, complex injectables and oral
technologies (SGC).

Scheme received approval of the Hon’ble
National Company Law Tribunal (NCLT),
Mumbai Bench on November 14, 2024.

Appointed Date for the said Scheme is April
1, 2024; and Effective Date of the Scheme
pursuant to requisite regulatory filings with
the Registrar of Companies/ Ministry of
Corporate Affairs is November 27, 2024.

As per the Scheme, Share Entitlement Ratio
for Strides’ Shareholders was One equity
share of OneSource for every Two equity
shares of Strides.

Accordingly, OneSource has allotted equity
shares on December 10, 2024, to Shareholders
of the Company who were holding Strides’
Equity Shares as on the Record Date i.e.,
December 6, 2024.

OneSource was listed on the Stock Exchanges
(NSE and BSE) on January 24, 2025.

Pursuant to the above demerger, following
entities ceased to be part of Strides’ Group
effective November 27, 2024:

1) OneSource Specialty Pharma Limited
(formerly, Stelis Biopharma Limited),
India (Associate of Strides)

2) Strides Pharma Services Private Limited,
India (Subsidiary of Strides)

3) Strides Softgels Pte. Ltd., Singapore
(Subsidiary of Strides)

Further, following Associated entities
which were Wholly owned Subsidiaries
of OneSource, also ceased to be part
of the Group consequent to the above
demerger:

4) Biolexis Pte. Ltd. (formerly Stelis Pte.
Ltd.), Singapore

5) Biolexis Private Limited, India

6) Stelis Biopharma UK Private Limited, UK

7) Stelis Pte. Ltd., Singapore

5.1.3 De-merger of Identified Business of Arco Lab
Private Limited (Arco Lab), a Wholly owned
Subsidiary of the Company

Arco Lab is an innovative Global Life
Sciences Capability Centre offering a wide
range of services in Life Sciences consulting,
Digital Innovation Capabilities and Business
Solutions.

On May 15, 2025, Board of Directors of Arco
Lab and Pivot Path Private Limited (Pivot
Path) (a wholly owned subsidiary newly
incorporated by Arco Lab) approved a Scheme
of Arrangement (Scheme) for demerger of Life
Sciences and Digital Innovation Capabilities
(Identified Business) of Arco Lab into Pivot Path.

Pivot Path shall focus on Life Sciences and
Manufacturing solutions with deep domain
knowledge and cutting-edge technology
capabilities.

Appointed Date for the said Scheme is April
10, 2025, or such other date as the Hon’ble
National Company Law Tribunal (NCLT),
Bengaluru Bench or such other competent
authority may direct in relation to the said
demerger.

Consequent to demerger, investment held
by Arco Lab in Pivot Path shall be cancelled
and Pivot Path shall become a wholly owned
subsidiary of Strides.

Arco Lab is in the process of making an
application with jurisdictional NCLT for
seeking approval of the Scheme. The Scheme
remains subject to receipt of applicable
statutory and regulatory approvals. There
will not be any impact on Strides, financially
or otherwise arising out of the proposed
restructuring.

5.2 Acquisitions/ Internal Restructurings

5.2.1 Acquisition of balance stake in Strides Global
Consumer Healthcare Limited, UK (Strides
Consumer UK)

Strides Consumer UK is an IP holding entity
and is into the business of sale and distribution

of pharmaceutical and other over-the-counter
consumer health care products, through its
subsidiaries in US and India (CHC Business).

Effective August 5, 2024, Strides Arcolab
International Limited (SAIL UK), a wholly
owned subsidiary has acquired balance 81%
stake in Strides Consumer UK at GBP One.
Consequently, Strides Consumer UK has
become a step-down wholly owned subsidiary
of the Company. The said transaction has
enabled Strides’ Group to strengthen its
existing portfolio with the CHC Brands.

5.2.2 Consolidation of Business in Europe

Strides Pharma International AG (formerly
known as Fairmed Healthcare AG) (‘Strides
Switzerland’) became part of Strides Group
in 2019 and has a portfolio of high-quality
generic products encompassing prescription
and over-the-counter drugs across several
therapeutic segments.

As part of business consolidation and to
achieve operational synergy, effective October
25, 2024, Strides Pharma Global Pte. Limited,
a step-down wholly owned subsidiary of the
Company in Singapore, acquired balance 30%
stake in Strides Switzerland from its minority
shareholders for an aggregate consideration
of ~CHF 1.01 million.

Strides Switzerland is strategically positioned
to serve key markets in Europe and this
acquisition marks a significant milestone
in Strides' expansion efforts, further
strengthening its position in the region.

5.2.3 Acquisition of 100% equity stake in Amexel
Pte. Ltd., Singapore

Strides Pharma Global Pte. Limited (SPG), a
step-down wholly owned subsidiary of the
Company in Singapore, proposed to create
a platform that shall foster introductions,
collaborations, procurement and business
engagement between pharmaceutical
manufacturers and suppliers of India, China,
and other Southeast-Asian countries.

To facilitate the said business opportunity,
effective March 19, 2025 SPG acquired 100%
equity stake in Amexel Pte. Ltd., Singapore
(Amexel) for a nominal consideration of US$

10.

Amexel aims to generate revenue through
facilitation services and a profit-sharing
model linked to the commercialization of
products.

5.3 Incorporation of Entities

During the year under review and to the date of
this Report, following entities were incorporated:

• Strides Pharma New Zealand Pty Limited
(Strides New Zealand) was incorporated as
a step-down wholly owned subsidiary of
the Company (held through Strides Pharma
Global Pte. Limited, Singapore) effective July
26, 2024. Strides New Zealand shall leverage
Strides’ product portfolio in New Zealand and
facilitate participation in the local tender.

• Pivot Path Private Limited (Pivot Path) was
incorporated as a step-down wholly owned
subsidiary of the Company (held through
Arco Lab Private Limited, India) effective
April 10, 2025. Pivot Path shall focus on Life
Sciences and Manufacturing solutions with
deep domain knowledge and cutting-edge
technology capabilities. For more information,
please refer para 5.1.3 above.

5.4 Liquidation/ Dissolution of Entities

During the year, following entities were liquidated/
dissolved as part of Group entities optimization
exercise:

• Arrow Life Sciences (Malaysia) SDN. BHD,
Malaysia was voluntarily liquidated effective
April 25, 2024 from Companies Commission
of Malaysia.

• Stelis Biopharma (Malaysia) SDN. BHD.,
Malaysia was voluntarily liquidated effective
June 4, 2024 from Companies Commission of
Malaysia.

• Altima Innovations, Inc., USA was voluntarily
dissolved effective August 13, 2024.

• Generic Partners UK Ltd., UK was voluntarily
dissolved effective March 18, 2025 from
Company House UK.

5.5 Update on redemption of Unlisted Non¬
Convertible Debentures

During FY23, Company had raised ' 125 Crores
for working capital purpose by issuance and
allotment of Secured, Unlisted, Redeemable Non¬
Convertible Debentures (NCDs).

During FY25, Company has fully redeemed
the said NCDs. Consequently, Company has no
outstanding NCDs as at March 31, 2025.

6. Composition of the Board

Company is in compliance with the provisions of the Act and the SEBI Listing Regulations with regard to
composition of the Board.

As at the date of this Report, Strides’ Board comprised of Eight Directors viz., Two Executive Directors, One
Non-Executive Director and Five Independent Directors, details of which are provided below:

Changes in the Board of Directors and Key Managerial
Personnel (KMP) during FY25 and till the date of this
Report is as under:

6.1 Appointments/ Re-appointments

• Mr. Badree Komandur (DIN: 07803242) was
appointed as Managing Director & Group CEO
of the Company for a period of three years
effective June 1, 2024.

• Mr. Aditya Arun Kumar (DIN: 06999081) was
appointed as Additional Director designated
as Executive Director - Business Development

(KMP) for a period of three years effective
June 1, 2024.

• Mr. Subir Chakraborty (DIN: 00130864) was
appointed as an Additional Director (Non¬
Executive Independent Director) for a period
of five years effective June 1, 2024.

Appointment of Mr. Badree Komandur,
Mr. Aditya Arun Kumar and Mr. Subir
Chakraborty was approved by Shareholders
of the Company on July 26, 2024 by means of
Postal Ballot.

• Mr. Arun Kumar (DIN: 00084845) was re¬
designated from ‘Executive Chairperson and
Managing Director’ to ‘Executive Chairperson’
of the Company effective June 1, 2024.

• Mr. Vikesh Kumar was appointed as Group
Chief Financial Officer (KMP) of the Company
effective June 1, 2024.

• Retirement by Rotation under Section 152 of the
Companies Act, 2013 - Mr. Badree Komandur
was re-appointed by the Shareholders of the
Company at the AGM held on September 25,
2024.

• Dr. Kausalya Santhanam (DIN: 06999168)
was re-appointed as Independent Director
of the Company for the second term of five
years effective December 11, 2024, pursuant
to approval of Shareholders of the Company
through Postal Ballot on November 27, 2024.

• Ms. Mukta Arora (DIN: 07225715) was
appointed as an Additional Director (Non¬
Executive Independent Director) of the
Company for a period of five years effective
February 1, 2025.

• Mr. Arun Kumar (DIN: 00084845) was re¬
designated and appointed as Non-Executive
Director and Chairperson of the Board
effective April 5, 2025.

Appointment of Ms. Mukta Arora and Mr. Arun
Kumar was approved by the Shareholders of
the Company on March 19, 2025 by means of
Postal Ballot.

6.2 Resignation/ Retirements during the year

• Mr. Badree Komandur stepped down from the
position of Group Chief Financial Officer of the
Company effective May 31, 2024, consequent
to his appointment as MD & Group CEO.

• Mr. Bharat Dhirajlal Shah (DIN: 00136969)
completed his second and final term as
Independent Director of the Company
effective closing business hours of June 14,
2024.

• Mr. S Sridhar (DIN: 00004272) completed
his second and final term as Independent
Director of the Company effective closing
business hours of July 30, 2024.

Board of Directors of the Company placed
on record their sincere appreciation for the
valuable contributions made by Mr. Shah
and Mr. Sridhar during their association with
Strides.

6.3 Retirement by Rotation and Re-appointment at

the ensuing AGM

In terms of Section 152 of the Act and Articles

of Association of the Company, Mr. Aditya

Arun Kumar (DIN: 06999081), retires by rotation
and being eligible, offers himself for his re¬
appointment.

Your Directors recommend his re-appointment to
the Board.

A detailed profile of Mr. Aditya Arun Kumar as
required under the SEBI Listing Regulations and
Secretarial Standard on General Meetings issued
by the Institute of Company Secretaries of India
is provided in the explanatory statement to the
Notice convening the 34^th AGM of the Company.

6.4 KMPs of the Company during the year were as
under:

• Mr. Arun Kumar (Whole-time Director)

• Mr. Badree Komandur (Whole-time Director)

• Mr. Aditya Arun Kumar (Whole-time Director)
(Appointed as KMP effective June 1, 2024)

• Ms. Manjula Ramamurthy (Company
Secretary & Compliance Officer)

• Mr. Vikesh Kumar (Group Chief Financial
Officer) (Appointed as KMP effective June 1,
2024)

6.5 KMPs of the Company as at the date of this
report is as under:

• Mr. Badree Komandur (Whole-time Director)

• Mr. Aditya Arun Kumar (Whole-time Director)

• Ms. Manjula Ramamurthy (Company
Secretary & Compliance Officer)

• Mr. Vikesh Kumar (Group Chief Financial
Officer)

7. Board Meetings

Board meets at regular intervals to review
performance of the Company, to discuss and
decide on various business strategies, policies and
other matters.

Your Directors met 8 (Eight) times during FY25.
The intervening gap between two consecutive
meetings was not more than 120 days.

Details of meetings of Board held during FY25
along with information relating to attendance
of each director is provided in the Corporate
Governance Report (Page 136 and 140), which
forms part of this Annual Report.

8. Board Committees

Board has constituted sub-committees to focus
on specific areas and make informed decisions
within the authority delegated to each of the
Committees. Each Committee of the Board is
guided by its Charter, which defines the scope,
powers and composition of the Committee.

Board has constituted the following Statutory
Committees:

1) Audit Committee

2) Nomination and Remuneration Committee

3) Stakeholders’ Relationship Committee

4) Corporate Social Responsibility Committee &

5) Risk Management Committee (renamed as
Risk Management & Sustainability Committee
effective May 22, 2025)

Board has also constituted a non-statutory
committee titled ‘Management Committee’. This
Committee primarily considers matters that may
be delegated by the Board of Directors under
Section 179 of the Act and other delegable matters
for administrative convenience.

Management Committee comprises of two
Independent Directors and an Executive Director.
Chairperson of the Committee is appointed on a
rotation basis amongst the Independent Directors.

This Committee meets at such intervals based on
needs of the Company.

Details pertaining to the composition of each
of the above Committee’s is provided in the
Corporate Governance Report (Page 137), which
forms part of this Annual Report.

Further, details of meetings of Board Committees
(statutory) held during FY25 along with information
relating to attendance of each committee member
is provided in the Corporate Governance Report
(Pages 138 to 140), which forms part of this Annual
Report.

During the year, all recommendations made by
the Committees were approved by the Board.

9. Share Capital

9.1 Authorized Share Capital

During the year, there has been an increase in
the Authorised Share Capital of the Company
pursuant to amalgamation of Strides Alathur
Private Limited (formerly Vivimed Life Sciences
Private Limited) (Transferor Company) into
the Company (Transferee Company) effective
September 12, 2024, in terms of the Scheme of
Amalgamation (Scheme) under Section 230-232
of the Companies Act, 2013.

As per Clause 10 of the Scheme, upon the Scheme
becoming effective, the Authorised Share Capital
of the Transferor Company shall be transferred
to the Transferee Company and the Transferee
Company’s authorised share capital in terms of
its Memorandum of Association and Articles of
Association shall automatically stand enhanced
from 1,883,700,000/- divided into 188,370,000
equity shares of ' 10 each into ' 2,183,700,000/-
divided into 218,370,000 equity shares of ' 10/-
each.

Accordingly, the Authorised Share Capital of the
Company was altered effective September 12,
2024.

Authorised Share Capital of the Company as at
March 31, 2025 is ' 2,183,700,000/- dividend into
218,370,000 equity shares of ' 10 each.

9.2 Issued, Subscribed and Paid-up Share Capital

Issued, Subscribed and Paid-up Share Capital
of the Company as at March 31, 2025, stood at
' 921,627,140/- divided into 92,162,714 equity
shares of ' 10/- each.

Movement in issued, subscribed and paid-up
share capital during the year is as under:

10. Subsidiary, Joint Ventures and Associate
Companies

Details of Subsidiaries, Joint Venture and
Associate entities as at March 31, 2025 are provided
herein below:

List of Entities, which have become or ceased to
be part of the Group during the year and to the
date of this Report, is enclosed as Annexure-1 to
this Report.

Company has formulated a policy on identification
of material subsidiaries in accordance with
Regulation 16(1)(c) of the SEBI Listing Regulations.
The said Policy is available on the Company’s
website and web link to access the same is
provided in Page 156 of the Annual Report.

11. Accounts of Subsidiaries

During the year, Board of Directors have reviewed
affairs of the subsidiaries. As part of the quarterly/
annual board meeting, Audit Committee and
Board of Directors of the Company are provided
with requisite updates/ information/ reports
as required under the Act and SEBI Listing
Regulations.

In accordance with Section 129 (3) of the Act, the
Company has prepared a consolidated financial
statement.

A statement containing salient features of the
financial statements of the Company’s subsidiaries,
joint ventures and associate companies and their
contribution to the overall performance of the
Company as required in Form AOC 1 is enclosed
as Annexure-2 to this Report.

12. Corporate Governance Report

As per SEBI Listing Regulations, Corporate
Governance Report along with Statutory Auditor’s
Certificate thereon for FY25 forms part of this
Annual Report.

13. Management Discussion and Analysis
Report

As per SEBI Listing Regulations, Management
Discussion and Analysis Report for FY25 forms
part of this Annual Report.

14. Business Responsibility and Sustainability
Report

As per SEBI Listing Regulations, Business
Responsibility and Sustainability Report of the
Company for FY25 forms part of this Annual
Report.

During FY25, Company took significant strides
on the Sustainability front. Company released its
debut Sustainability Report for FY24, prepared in
accordance with inter-alia the Global Reporting
Initiative (GRI) Standards 2021, showcasing our
Environmental, Social, and Governance (ESG)
performance.

Company received an industry leading ESG rating
of 76/ 100 from S&P Global on our debut voluntary
participation in their Corporate Sustainability
Assessment (CSA) and was also featured in S&P
Global’s Global Sustainability Yearbook 2025 for
achieving “Top 10%” global ranking.

This achievement was driven by Social and
Governance Dimensions, which carry the
highest weightage, securing the 97^th percentile.
In the Environmental Dimension, Company
attained a commendable 87^th percentile. This
accomplishment underscores our unwavering
commitment to Sustainability and validates our
dedication to responsible business practices and
reinforces our ongoing efforts to integrate ESG
principles across our business operations.

15. Employee Stock Option Scheme

Company has one Stock Option Plan viz., Strides
Employee Stock Option Plan 2016 (ESOP Plan).

A statement giving detailed information on stock
options granted to Employees under the ESOP Plan
as required under Section 62 of the Act, read with

Rule 12 of Companies (Share Capital and Debentures)
Rules, 2014 and Regulation 14 of SEBI (Share Based
Employee Benefits and Sweat Equity) Regulations,
2021 is enclosed as Annexure-3 to this Report and is
also available at https://www.strides.com/investor-
financial.html

16. Particulars of Employees and Remuneration

The percentage increase in remuneration, ratio
of remuneration of directors and key managerial
personnel (KMP) (as required under the Act) to
the median of employees’ remuneration forms
part of this report and is appended herewith as
Annexure-4 to this report.

Further, as per the provisions of Section 197(12)
of the Act read with Rule 5(2) and 5(3) of the
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, a statement
containing names of top ten employees in terms
of remuneration drawn and the particulars of
employees employed throughout the year and in
receipt of remuneration of ' 1.02 Crore or more per
annum and employees employed for part of the
year and in receipt of remuneration of ' 8.50 Lakh
or more per month is to be provided.

However, in terms of the second proviso to
Section 136(1) of the Act, Annual Report, excluding
the aforesaid information, is being sent to
Shareholders of the Company and others entitled
thereto.

The said information is available for inspection
at the registered office of the Company up to the
date of ensuing AGM. Any Shareholder interested
in obtaining a copy thereof, may write to the
Company Secretary in this regard.

17. Corporate Social Responsibility (CSR)

Strides’ CSR initiatives help address socio¬
economic challenges in the realms of Health and
Hygiene, Education, Employability and Disaster
Management.

A detailed report on the CSR activities undertaken
during FY25 is enclosed as Annexure-5 to this
Report.

Strides’ CSR Policy is available on Company’s
website and weblink to access the same is
provided in Page 156 of the Annual Report.

18. Particulars of Loans given, Investments
made, Guarantees given or Security
provided by the Company

Company has disclosed the full particulars of
loans given, investments made or guarantee given
or security provided during the year, as required
under Section 186 of the Act, Regulation 34(3) and
Schedule V of the SEBI Listing Regulations in Note
no. 40 to the standalone financial statements,
which forms part of this Annual Report.

19. Particulars of Contracts or Arrangements
with Related Parties

In accordance with the requirements of the Act
and the SEBI Listing Regulations, your Company
has framed a Policy on Related Party Transactions
(RPTs). During the year under review, the said
Policy was reviewed by the Audit Committee and
Board to align with the regulatory amendments.
The updated Policy is available on the Company’s
website and web link to access the same is
provided in Page 156 of the Annual Report.

The Company has a process in place to periodically
review and monitor RPTs. All RPTs entered into by
the Company during FY25 were in ordinary course
of business and at arm’s length basis.

There are no materially significant related party
transactions made by the Company which may
have potential conflict with the interests of the
Company.

Information on transactions with related parties
pursuant to Section 134(3)(h) of the Act read with
Rule 8(2) of the Companies (Accounts) Rules, 2014
in Form AOC-2 is enclosed as Annexure-6 to this
Report.

All transactions with related parties are also
disclosed in Note no. 45 to the Standalone
Financial Statements in the Annual Report.

20. Auditors and Audit Reports

20.1 Statutory Auditors

M/s. B S R & Co. LLP, Chartered Accountants (Firm
Registration no. 101248W/ W-100022) were re¬
appointed as Statutory Auditors of the Company at
the AGM held on September 9, 2022 for the second
term of five (5) years i.e., from the conclusion of
the 31^st AGM till the conclusion of the 36^th AGM of
the Company to be held in the year 2027.

Statutory Auditors’ Report for the financial year
ended March 31, 2025, is enclosed along with the
financial statements in the Annual Report.

Statutory Auditors’ Report does not contain any
qualifications, observations or adverse remarks.

20.2 Internal Auditors

M/s. Grant Thornton Bharat LLP (formerly known
as Grant Thornton India LLP) (LLPIN: AAA-7677)
are the Internal Auditors of the Company.

During the year under review, Internal Auditors
were satisfied with the management response on
the observations and recommendations made by
them during the course of their audit.

20.3 Cost Auditors

Pursuant to Section 148(1) of the Act, Company is
required to maintain cost records and accordingly
such accounts and records are made and
maintained.

Further, the Board of Directors of the Company at
their meeting held on May 22, 2025, based on the
recommendation of Audit Committee, approved
the appointment of M/s. Rao, Murthy & Associates,
Cost Accountants (Firm Registration No.: 000065),
as the Cost Auditors of the Company for FY26 at
a remuneration not exceeding ' 4.50 Lakhs plus
taxes and out of pocket expenses.

A proposal for ratification of remuneration of
the Cost Auditors for FY26 is placed before the
Shareholders for approval in the ensuing AGM.

20.4 Secretarial Auditors

M/s. Gopalakrishnaraj H H & Associates, Company
Secretaries in Practice (Certificate of Practice No:
4152) is the Secretarial Auditor for the Company
for FY25.

Secretarial Audit for FY25, inter alia, included
audit of compliance with the Act and the Rules
made thereunder, SEBI Listing Regulations and
other applicable Regulations prescribed by SEBI,
amongst others.

Secretarial Audit Report for FY25 does not
contain any qualifications, observations or
adverse remarks. The said Report is enclosed as
Annexure-7 to this report.

Secretarial Audit for FY26

Shareholders to note that M/s. Gopalakrishnaraj
H H & Associates has been associated with the
Company for over 10 years.

Considering the long association, Board opted to
appoint a new firm for Secretarial Audit purpose.

Accordingly, Board at its meeting held on May
22, 2025 has recommended the appointment
of M/s. V Sreedharan and Associates, a Peer
Reviewed Practicing Company Secretaries firm,
based out of Bengaluru (having firm registration
no. P1985KR14800), as Secretarial Auditors of the
Company, for a period of five consecutive years
commencing from FY26 upto FY30, subject to
approval of the shareholders of the Company at
the ensuing AGM.

Detailed profile of M/s. V. Sreedharan & Associates
forms part of the AGM Notice. They have given
their consent to act as Secretarial Auditors of the
Company and have confirmed their eligibility for
the appointment.

21. Internal Financial Controls

Company has in place adequate framework for
Internal Financial Controls as required under
Section 134(5)(e) of the Act.

During the year under review, such controls were
tested and no material weaknesses in their design
or operations were observed.

22. Risk Management

Risk Management has always been an integral
aspect of our organisational activities and control
systems.

Company has in place Enterprise Risk Management
(ERM) Policy which outlines risk management
process and framework for identification and
management of risks. Our ERM framework is
dynamic and deeply integrated into our decision¬
making processes continuously evolving to align
with our strategic priorities and the shifting
global risk landscape. It addresses a wide range
of potential exposures, including financial,
operational, geopolitical, compliance and
Sustainability-ESG risks, ensuring that Company
remain agile and future-ready.

In line with the SEBI Listing Regulations, Company
has constituted Risk Management Committee
(renamed as Risk Management & Sustainability
Committee effective May 22, 2025) comprising
of members of Board and Senior Management
Personnel. The Committee is responsible for
reviewing the risk management plan and ensuring
its effectiveness. The Audit Committee has
additional oversight in the area of financial risks
and controls.

Terms of reference of the Committee and
composition thereof including details of meetings
held during FY25 forms part of the Corporate
Governance Report (Pages 139 and 140) and
additional details relating to Risk Management is
provided in Page 72 of the Annual Report.

23. Other Disclosures

23.1 Nature of Business of the Company

During the year under review, there has been no
change in the nature of business of the Company.

23.2 Deposits

During the year under review, Company has
neither accepted nor renewed deposits from the
public falling within the ambit of Section 73 and
74 of the Act read with the relevant Rules framed
thereunder.

Hence, the requirement for furnishing of details
relating to deposits covered under Chapter V of
the Act or the details of deposits which are not
in compliance with Chapter V of the Act is not
applicable.

Requisite return for FY24 with respect to amount(s)
not considered as deposits has been filed. The
Company does not have any unclaimed deposits
as on the date of this report.

23.3 Vigil Mechanism/ Whistle Blower policy

Company has a robust vigil mechanism through
its Whistle Blower Policy approved and adopted by

the Board of Directors of the Company, which is
in conformity with the provisions of the Act and
SEBI Listing Regulations.

The said Policy provides appropriate avenues
to the directors, employees and stakeholders of
the Company to make protected disclosures in
relation to matters concerning the Company. The
Policy aims to:

• allow and encourage stakeholders to bring
to the management’s notice concerns about
unethical behaviour;

• ensure timely and consistent organisational
response;

• build and strengthen a culture of transparency
and trust; and

• provide protection against victimisation.

The said Policy also establishes adequate
mechanism to enable employees to report
instances of leak or suspected leak of unpublished
price sensitive information.

Audit Committee of the Company oversees
implementation of the Whistle Blower Policy.

Every director/ employee of the Company has
been provided access to the Audit Committee
Chairperson/ Whistle Officer through email or
correspondence address or by calling designated
toll-free number, should they desire to avail the
vigil mechanism. During the review period, none
of the personnel of the Company has been denied
access to the Audit Committee.

During the year, Company has not received any
protected disclosure.

Strides’ Whistle Blower Policy is available on the
Company’s website and web link to access the
same is provided in Page 156 of the Annual Report.

23.4 Policy on Directors Appointment and

Remuneration (Strides’ Nomination and

Remuneration Policy)

Company has formulated a Nomination and
Remuneration Policy for the Board of Directors
including Key Managerial Personnel (KMP) and
Senior Management Personnel (SMP) and other
employees of the Company.

The said Policy inter-alia covers criteria for
appointment and remuneration of Directors,
KMP and SMP including criteria for determining
qualifications, positive attributes, independence
of a director and other matters, as required under
Section 178 of the Act.

The Directors affirm that the remuneration paid
to Directors, KMP, Senior Management and other
employees is in accordance with the remuneration
policy of the Company.

Strides’ Nomination and Remuneration Policy is
available on Company’s website and weblink to
access the same is provided in Page 156 of the
Annual Report.

23.5 Disclosure on compliance with Secretarial
Standards

Company complies with all applicable mandatory
Secretarial Standards issued by the Institute of
Company Secretaries of India.

23.6 Reporting of Fraud

No frauds were reported by Auditors of the
Company as specified under Section 143 of the
Act for FY25.

23.7 Significant and material orders passed by
Regulators or Courts

There were no significant and material orders
passed by Regulators/ Courts that would impact
the going concern status of the Company and its
future operations.

23.8 Annual Return of the Company

Pursuant to Section 92 of the Act and Rules made
thereunder, Annual Return of the Company for
FY25 is available on the website of the Company
and can be accessed at https://www.strides.com/
cg-annual-return.html.

23.9 Conservation of Energy, R&D, Technology
Absorption and Foreign Exchange Earnings/
Outgo

Details of Energy Conversation, R&D, Technology
Absorption and Foreign Exchange Earnings/ Outgo
is enclosed as Annexure-8 to this Report.

23.10Policy on Prevention of Sexual Harassment at
workplace

The Company has zero tolerance for sexual
harassment at workplace and has adopted a Policy
on Prevention of Sexual Harassment in line with
the requirements of The Sexual Harassment of
Women at the workplace (Prevention, Prohibition
& Redressal) Act, 2013 (PoSH Act) and Rules framed
thereunder. Strides has adopted a gender-neutral
policy.

In terms of PoSH Act, Company has constituted
Internal Complaints Committee (ICC) to redress
complaints received on sexual harassment.
Adequate trainings and awareness programmes
against sexual harassment are conducted across
the organisation to sensitize employees to uphold
dignity of their colleagues and for prevention of
sexual harassment.

Disclosure relating to PoSH complaints during
the year is provided in Page 151 of the Corporate
Governance Report, which forms part of this
Annual Report.

23.11 Investor Education and Protection Fund

Details pertaining to unpaid and unclaimed
dividend transferred to IEPF is provided at Page
146 of Corporate Governance Report, which forms
part of this Annual Report.

23.12 General

• During the year, the Company has not made
any application under the Insolvency and
Bankruptcy Code, 2016 (IBC). Further, there
are no proceedings admitted against the
Company under IBC.

• During the year, there was no one-time
settlement done with the Banks or Financial
Institutions. Therefore, the requirement
to disclose details of difference between
valuation done at the time of taking the loan
from Banks or Financial Institution and at the
time of one-time settlement is not applicable.

24. Change in Registered Office

Effective February 1, 2025, Company has shifted
its Registered Office from “201, Devavrata, Sector
17, Vashi, Navi Mumbai - 400 703” to “Cyber One,
Unit No. 902, Plot No. 4 & 6, Sector 30A, Vashi, Navi
Mumbai - 400 703”.

25. Declaration by the Independent Directors of
the Company

In accordance with Section 149(7) of the Act
and Regulation 25(8) of SEBI Listing Regulations,
Independent Directors of the Company have
confirmed that they continue to meet the criteria
of independence as laid down in Section 149(6)
of the Act and Regulation 16(1)(b) of SEBI Listing
Regulations.

Independent Directors of the Company have
also confirmed that they have complied with the
Code for Independent Directors as prescribed in
Schedule IV of the Act.

In the opinion of the Board, Independent Directors
of the Company possess necessary expertise,
integrity and experience (including proficiency)
in their respective fields and fulfil the conditions
specified in the Act and SEBI Listing Regulations
and are independent of management.

Further, all Independent Directors have confirmed
that they have registered with the data bank of
Independent Directors maintained by Indian
Institute of Corporate Affairs in accordance with
the provisions of Section 150 of the Act.

26. Board Evaluation

Evaluation of all Directors, Committees,
Chairperson of the Board, and the Board as a
whole was conducted for the year.

Evaluation process has been explained in Page 133
of the Corporate Governance Report, which forms
part of this Annual Report.

27. Material changes and commitments

There were no material changes and commitments
affecting the financial position of the Company
which occurred between end of the Financial Year
to which this financial statement relates and the
date of this report.

28. Directors’ Responsibility Statement

Pursuant to the requirement under Section 134
(3)(c) of the Act with respect to the Directors’
Responsibility Statement, Board of Directors of
your Company state that:

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

(b) directors have selected such accounting
policies and applied them consistently and
made judgements and estimates that are
reasonable and prudent so as to give a true
and fair view of the state of affairs of the
Company at the end of the financial year and
of the profit and loss of the Company for that
period;

(c) directors have taken proper and sufficient care
for the 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;

(d) directors have prepared the annual accounts
of the Company on a going concern basis;

(e) directors have laid down internal financial
controls to be followed by the Company and
that such internal financial controls are
adequate and are operating effectively;

(f) directors have devised proper systems to
ensure compliance with the provisions of all
applicable laws and that such systems were
adequate and operating effectively.

29. Acknowledgement

Your directors take this opportunity to express
their sincere gratitude to all employees, customers
and suppliers who have contributed to Strides’
success over years. Their hard work, dedication
and support have been instrumental in achieving
our goals and driving our business forward.

We would also like to thank our shareholders
for their continued trust and investment in the
Company.

We are committed to build strong relationships
with all our stakeholders, and we value their
feedback and inputs as we strive to improve and
grow our business.

We look forward to your continued support in the
years ahead.

For and on behalf of the Board of Directors

Arun Kumar Badree Komandur

Non-Executive Director & Managing Director & Group CEO

Date: May 22, 2025 Chairperson of the Board DIN: 07803242

Place: Bengaluru DIN: 00084845