When we commenced our journey decades ago our objective was simple: to manufacture anddeliver quality medicines at a ordable rates that could benefit millions of people acrossthe world. That philosophy has inspired us to undertake multiple initiatives; andcontinues to guide us as we create new pathways to progress.
Our efforts have translated into encouraging outcomes. From a modest start as aregional pharmaceutical company we now feature amongst the top five pharmaceuticalcompanies in India. Apart from having a strong foothold in the domestic market we havealso expanded our presence in over 50 international markets. A large part of this creditgoes to our dedicated and motivated workforce that has played a pivotal role in makingAlkem what it is today.
During the financial year 2017 we achieved healthy mid-teen growth in consolidatedoperating revenues with an improved margin profile. It is deeply satisfying to note thatdespite changes in the regulatory scenario and other temporary industry hardships our keybrands continued to deliver healthy growth in India's pharmaceutical space. At the sametime our international business continued to grow during the year with encouraging marketshare gains in the existing products as well as contribution from new product launches.
We have continued our focus on R&D initiatives to develop a differentiatedportfolio. In the coming years we will continue to invest more in research programmes andstrengthen our product offerings with consistent focus on quality standards. We arecommitted to deliver high quality drugs and adhere to regulatory compliance and hencehave continuously invested in our people systems and processes.
In all these years we have been intuitive in our ability to foresee macro trends andagile in responding to them. This strategy has helped us navigate through the challengesin the global business scenario. Going forward we will continue to invest ahead of thecurve in building the competencies of our people and further sharpening our executioncapabilities. While global markets consumer preferences and healthcare needs willcontinue to transform our focus will be on expanding our footprint foraying into newtherapeutic segments investing in capacities building alliances and enhancingoperational excellence.
It gives us immense pleasure that along our way to a successful year we were able tomeet the needs positively impact and protect the rights of our diverse stakeholderfraternity. This includes our employees and local communities where we operate among manyothers.
Our consistent strategy and strong execution supported by the guidance of all ourstakeholders will enable us to improve upon our performance in the coming years.
Samprada Singh Chairman Emeritus Basudeo N. Singh Executive Chairman
Basudeo N. Singh