I am happy to report that for the year ended March 31 2016 Sales growth was 15.3% andProfit after Tax was 13.4% over prior year. We have grown faster than the marketsustaining the trend of outperforming the industry.
The Indian economy remains a bright spot in comparison to the Global scenario with theGovernment taking multiple steps to stimulate the economy. The pharmaceutical industry isalso growing in double digits while facing regulatory challenges especially on priceregulations and fixed dose combinations.
Notwithstanding this turbulence your Company has remained steadfast in its commitmentand delivered excellent performance. Your Board has recommended a dividend of ' 35 pershare compared to ' 31 last year.
For the last several years now your Company has been growing faster than the industry.Most of the business units showed a good growth with Women's Health & GastrointestineGastroenterology and Hepatic Care growing by 20.6% GenNext & Vaccines by 27.7% andSpecialty Care which was significantly impacted by Government mandated price reductionby 10.1% over the previous year.
This consistent performance is a result of your Company's focused investment in PeopleProducts and Processes.
Our two-pronged strategy of leveraging innovation in brand building and effectiveexecution is clearly generating the desired effects and continues to drive sustainablegrowth year after year. During the year our top 10 brands grew at 14.4% accounting for70% of the core business Sales of the Company. 13 brands* remain market leaders in theirrespective market segments. We also launched 17 new products during the year.
Our strong portfolio of over 110 brands continues to lead the Indian PharmaceuticalMarket (IPM). This year 6 of our brands* were featured among the top 100 brands in theIPM while 6 brands individually crossed Sales of ' 100 Crores.
Today your Company's 2900+ family is diverse in composition and harmonious inoutlook.
We are not only attracting talent from the pharma sector but have a healthy mix ofdifferentiated non-pharma talent from leading companies and top universities across theworld to enable cross-pollination of ideas from across industries and sectors.
With a strong performance during 2015-16 your Company has been recognized with manyprestigious awards like Porter Prize award for 2015 and Star MNC of the Year by BusinessStandard.
Your Company's Annual Report for the year ended March 31 2015 has been awarded themost prestigious Silver Shield Award from The Institute of Chartered Accountants of Indiafor Excellence in Financial Reporting.
Your Company was recognized for Best CSR Program of the Year (2014-15) by theDepartment of Pharmaceuticals Government of India and also won Golden Peacock Award forCorporate Social Responsibility (2015) by the Institute of Directors for a robustapproach in its CSR programs that were aimed at addressing critical social needs andhelping people live healthier fuller lives.
Several of our brands campaigns and marketing initiatives were recognised at variousforums and received awards from most reputed bodies nationally and internationally.
Mr Rehan A. Khan Managing Director resigned effective April 30 2016. We appreciatehis valuable contributions and services and are in the process of finalising hissuccessor.
As I look ahead I am confident about our future. The Indian economy will remain anattractive
growth market and we will take advantage of the strong economy to deliver superiorperformance. The Government is continuously pushing on reforms and efforts to promotebusiness and we remain committed to various Government initiatives in this direction.
As an organization our commitment remains unshakeable - to bring affordable healthcareto millions of Indians in line with our global mission of helping people live their bestlives.
On behalf of the entire Board I take this opportunity to thank all our partnersespecially the doctors pharmacists vendors and bankers for their sustained faith andcontinued support.
I would like to thank all our employees for their commitment dedication anddetermination.
I also express my gratitude to all our shareholders for their continued trust in theCompany and the Board of Directors for their invaluable guidance.