Building the future
I am gratified that we did all that we set out to do. We anticipated highly competitiveconditions and planned well to execute a strategy of exceptional operating performancedisciplined growth and aligned high-performance teamwork.
We did well on all business fronts: filed several product applications (ANDAs)received large number of product approvals augmented manufacturing capacity enhancedutilization successfully launched new products and extended the strong presence ofexisting products. We also raised our reliability benchmarks achieved higher revenueslowered costs improved EBITDA performance reported superior profitability and healthyearnings per share.
Our success in steering the Company through the challenging times has led us to stepup dividend during the financial year and issue bonus shares in July 2015. This is anexpression of our confidence in the health of the Company and its prospects and reflectsour commitment to ensuring shareholders participate in our success.
While we managed to gain momentum and create a platform for sustainable growthcontinuous efforts were made to minimize risks. We proactively examined our standards andprocesses on all key parameters with a clear objective: we want to sustain operationalexcellence. I am encouraged by the fact that we are progressing well.
Our earnings were supported by our strong balance sheet which puts us in a position torespond quickly to emerging opportunities in the market and step up deliveries. We werenimble to recognize and seize opportunities enhance our competitiveness and upgrade ourproduct mix.
Pharmaceutical industry is a people business. We have some of the best in the industryand I am grateful to all our employees for their dedication and passion that has helped usreach where we are.
We constantly strive to develop and optimize the professional and personal skills ofour employees. Pharma business is a quality-intensive industry in which the commitmentshown by our employees has a significant influence on business success. Aurobindo keepsahead of the curve with human resource planning and investment in learning and developmentof its employees.
Our target is to enhance business growth by enabling engagement and performance. Wewill continue to focus on attracting and developing people for the future and ensuringgood leadership and organization efficiency.
We have redefined ourselves to grow to the next level and have hence built a solidfoundation for the Company's long-term development. The architecture is in place; nowit's time to consolidate and move to the next level.
Our US business will continue to lead while we shall stay focused on profitability ofthe European operations. We see Europe as another growth ladder in the foreseeable future.
We are happy to have made a small beginning to introduce specialty branded generics. Weare making investments in dermatology and inhaler products at our new facility at RaleighNC USA. Research and development work has started on 18 products.
We have an encouraging progress in the Company's pipeline of high value products whichbodes well for the future. In order to cater to the increasing product basket and marketopportunities Members will be happy to know that we are working hard to commission threenew manufacturing facilities in India which would contribute to the revenues in theforeseeable future.
While we shall have a disciplined and systematic approach to growth we will ensurethat there is considerable respect towards all aspects of compliance and regulatoryrequirements.
Looking ahead we will be setting the stage to capitalize on the platform for growthbeing built assiduously. We are striving to become a scientifically stronger company withnewer technologies and difficult to develop specialty generics. We aspire to be a sciencebased company with high quality earnings.
Our aim is to build a tomorrow that all of us are proud of. We shall therefore aimhigher move faster and perform better than ever before. Our goals indeed have a stretchbut are within reach based on the Company's proven capabilities supported by a team ofaccomplished employees.
We will execute the strategies with the same commitment and passion that we are knownfor to serve our customers business partners and investors. Everyone associated with uscan be certain that we shall reciprocate their trust.
K. Nithyananda Reddy