Our steady growth over the years has been characterised by our ability to planprepare and perform in line with market opportunities and dynamics. Ajanta Pharma'sachievements in FY 2017 too are the outcome of this philosophy. We demonstratedmeticulous planning and proactive preparedness across our operations resulting in asatisfactory performance.
Our strategy to be present in the right markets with differentiateddifficult-to-produce products has been designed to create impact and optimiseopportunities across geographies. This ensures consistent growth for us each year.
For the India market our plan to be a leader in the sub-therapeutic segments has beensupported by many innovative first-to-market product launches for better customerexperience.
We continue to plan for revival of growth in the emerging markets by implementingsustainable business strategies. The expansion of the emerging markets team during FY 2017was part of preparation for reviving growth in these markets.
Our USA success in the current year was for instance the outcome of a plan laid downin FY 2010 to be a meaningful player in that market. We introduced seven new productsincluding two successful day one launches in USA in FY 2017 and more launches are plannedin FY 2018. Our precise preparation allowed us to file eight more ANDAs with the US FDAand we are ready for 12-15 filings in the ensuing year. This demonstrates a strong productpipeline that can be monetised on approval and a validation of our R&D efforts.
In order to fulfil these global aspirations we have also worked on meticulous plan toaugment and enhance our manufacturing and R&D infrastructure. The timely expansion ofour R&D facilities and commencement of Guwahati plant during the year is an outcome ofthe foresight and future-oriented actions taken two years ago.
Similarly we strengthened and grew our R&D team for accelerating product filings indifferent markets. Our detailed preparation for the recent US FDA inspections ofmanufacturing plants helped us to sail through these inspections without any majorconcerns or comments.
Our industry is largely knowledge-driven. Therefore the importance of innovation as animportant preparedness too cannot be overemphasised. Consequently we are steadilyaugmenting our R&D investments to help doctors treat the most difficult diseases thatpatients have to grapple with. These investments are growing both in absolute terms andalso as a percentage of our turnover signifying the immense importance we place oninnovation. The R&D investments for FY 2017 rose to _ 153 cr. (8% of revenue) from _106 cr. (6% of the revenue) FY 2016.
At the core of these investments and performance is our belief that sustainable growthis possible to achieve notwithstanding a dynamic business environment and an evolvingregulatory scenario.
Planning and preparedness across every aspect of our business have borne fruit in theperformance outcomes of FY 2017. We delivered outstanding results in the USA continued togrow in India and effectively managed the currency headwinds and other challenges toremain relevant in the emerging markets in a manner that is value accretive.
Our financial performance is reflective of the ambition and ability to grow despitechallenges. In FY 2017 we achieved a consolidated net profit of _ 507 cr. (a 22% growth)compared to _ 416 cr. last year. Our consolidated total income also touched _ 2026 cr.compared to _ 1771 cr. a rise of 14% over the previous year.
Our core objective is to augment our differentiated product portfolio further and offerimpactful solutions (backed by intensive and extensive research) for specialty therapeuticsegments.
We will also reinforce our footprint in chosen markets strengthen the balance sheetenhance the capabilities of our talent pool and continue to create value for allstakeholders.
We have achieved many milestones backed by our three-pronged strategy of PlanPrepare and Perform'. We believe in this approach and shall continue to work on it and areconfident of delivering an even better performance in the future because our best is yetto come.
Yogesh Agrawal and Rajesh Agrawal