Road- to- Recovery!
The past is behind us and the future is unknown! We are living in the practicalpresent. Bilcare presently is all about restructuring realigning recovering andrethinking to resolve our current challenges. This calendar year in many ways would bethe defining moment for the Company as it continues the journey towards a sustainablegrowth.
"As we embark on a new journey and set new goals let us focus not just on routinematters but also transform all areas and ideas that focus not just on creating waves butalso creating values for our society. Not just on immediate gains but also long termbenefits not just implementing best practices but also shaping partnerships and not juston building a bright future for our people but in being a bridge to a more united andprosperous world. For the success of this journey it is important to view this with neweyes and new sensitivity. The constraints of the past are behind us and the foundations ofthe future are in place"
These lines taken from recent historic speech of our Honorable Prime Minister given toUS Congress at Capitol Hill is perhaps most apt to describe Bilcare present situation andthe way forward.
Bilcare incorporated in the eighties as a start-up epitomizes the story of India inmany ways. We are in fact following the same course and in the present would be at earlystage of what India stands today. Team Bilcare has shown relentless effort and gritas we embark our recovery journey resulting-in two key milestones: (1) Businessrepositioning done during the year under review resulted in substantial performanceimprovement. As a part of global reorganization and customer convenience themanufacturing facility of Bilcare Singapore Pte. Ltd. was brought under Bilcare ResearchAG. Since then it has already started delivering positive EBIDTA which was earlier understress. (2) As you read our balance sheet you will see there are tangible improvementswith over 60% resolution of debt. We are confident to restructure the balance debt in thecoming financial year.
We are committed towards implementing the best accounting practices and also set thehighest compliance system adhering to global governance standards by adoptingInternational Financial Reporting Standards (IFRS). For the next financial year we areworking on transition from I-GAAP to IND-AS which will bring the accounting at par withthe international standards with utmost transparency and will also act as an impetus foradherence to systems and processes leading to productivity and growth.
Bilcare Pharma Packaging Innovations (PPI) through its research and manufacturingfacility in US Europe and Asia has emerged as a preferred service provider for the globalPharmaceutical manufacturers and is strengthening its value offering year on year. Todaywe cater to over 1000 pharmaceutical manufacturers spread across over 120 countries wholook forward to Bilcares innovative solutions to resolve their brand growthchallenges as well as their patients latent needs.
Bilcare PPI India has established a new product range for Alu-Alu (Cold Form Foils)over the last few years with a state-of-the-art manufacturing facility having a clear edgefor its quality and design. This year PPI India has expanded its market reach for thisproduct into Europe and US. Alu-Alu forms 15% of Global Pharma Packaging with Europe beinga major market on the rise. Bilcare Research AG will market this product range in Europeand US where it has existing footprints and a loyal customer base. In the ensuing yearthis strategic move will give the desired momentum to the PPI operations in India.
During the year Bilcare GCS set up two overseas subsidiaries in the US and UK and added38 new customers resulting in revenue growth by 45%. Comparator sourcing business showeda growth of 74% due to the very nature of its business market potential and opening ofthe overseas subsidiaries.
Bilcare Technology is providing Cloud Based SAAS platform using leading edgetechnologies. This platform will provide brand owners with very comprehensive scalableand reliable services for ACF Track-n-Trace and digital marketing. Bilcare Technologyteam is now focused on evolving the solutions with compelling economics to B2B clientsalong with valuable market insights and delight to end consumers.
Despite working capital constraints resulting in reduced utilization and having a lowoperating capacity our sustained efforts on restructuring and realignment of the capitalstructure has led to reduction in the loss of India standalone by INR 35.82 Cr and EPSimprovement by 19.5%.
Recently The Indian Institute of Packaging (IIP) published its vision document 2024with collation of views from Industry stalwarts and academicians on PharmaceuticalPackaging that resonated Bilcare mission and therefore
I feel strategically we are on the right track. I firmly believe "Packaging 3.0will be a brand differentiator personalized with real time digital consumer interfaceand at the same time will ensure sustainability by reducing reusing and recycling".
"The road to recovery will not always be easy but I will take it one day at atime focusing on the moments Ive dreamed about for so long" - Amanda Lindhout.
With this quote I conclude by thanking you all shareholders investors customersbankers regulators vendors partners and employees for your continued support and trust.
Mohan H. Bhandari
Chairman and Managing Director