Dear Shareholders Ladies and Gentlemen and colleagues
It is a great honour and privilege for me to address all of you on behalf of the Boardof Directors. I am delighted to welcome all to the 35th Annual General Meeting of yourCompany.
The year 2015-16 that has just gone by has been difficult and volatile. We had to takesome forceful business& financial decisions to move forward in the businessconsolidation process that we started in the previous years. The rightsizing andrestructuring across all business groups and tactically closing a few of the branchoffices have momentarily put constraints on the operations of the company but we areconfident that your company will benefit in the years to come from these measures andprove that has the resilience to ride out the volatility and uncertainty.
Your company in the foreseeable future will restrict the operations in Health CareManagement System (HCMS) and Information System Engineering Services (ISES) as corebusinesses. We are committed and confident to thrive in the challenging businessenvironment with some of the technology product offerings in Industrial Internet OfThings Bare Printed Circuit Boards for Military and Aerospace applications and powerpacked Medical Equipments and value for money Medical accessories and consumables. TheIndian Medical Device market continues to grow in the double digit with an expected CAGRof around 20% during 2017 to 2020. This fast growing market offers a lot of opportunitiesfor your company for unbridled growth in this sector. The growing awareness amongstconsumers about Health & Wellness the rise in penetration of Medical Insurance andthe government initiatives to build better healthcare infrastructure in the smaller cities shall drive the momentum in this industry. Your company is looking forward to maintainthe product portfolio consumables Accessories & Services for the verticals ofCARDIAC ORTHOPADEICS OBSTETRICS and GYNAECOLOGY and ONCOLOGY.
Medical Industry Outlook:
Indian healthcare sector is expected to reach in 2020 a market size of USD280 billionplus at an average of 20% Y on Y growth. There is immense scope for enhancing healthcareservices penetration and this presents ample opportunity for development of the healthcareindustry.
INDIAN HEALTHCARE SECTOR IS POISED TO GROW.
Rising incomes and affordability
Growing elderly population changing disease patterns and Average increase inlife cycle.
Rise in Medical tourism.
QIP in Hospitals and Institutions.
LIFESTYLE DISEASES AND GROWING AWARENESS TO INCREASE HOSPITALISATION
CAGR of hospitalized cases from 2008 15:
Cardiac 18 per cent Oncology 16 per cent Diabetes 19 per cent
Heart Bypass / Hip Replacement / Knee Replacement / Cancer / Cardio Vascular Diseases.
Your Company tirelessly will pursue in offering products with LIMITED and KNOWN BURDENto Company in Warranty Services Cost and one of the top three leading players in offeringAccessories and consumables.
I would like to express my deepest gratitude to all our stakeholders for your patiencecontinued support and trust who believe and stood by with us in our adverse situation butas we said earlier we assure a progressive growth.