It gives me great pleasure to present our Companys 31st Annual Report. In anutshell:
On a consolidated basis revenue increased 34% to Rs. 54689 lacs and PBT was upby 54% to Rs. 14819 lacs. EPS rose to 8.0 vs 5.8 last year on a consolidated basis
On a standalone basis revenue was steady at Rs. 32638 lacs PBT up 9% to Rs.10021 lacs. EPS rose to 6.3 vs 5.8
As a group the most exciting development last year was the sensational turnaround ofour managed healthcare operations in Kenya which swung the unit into profitability andalso made a telling contribution to our consolidated numbers. Bliss GVS Healthcare Limited(BGHL) operates an innovative Public-Private engagement model to address unmet healthcarerequirements in Kenya through its chain of clinics and partner service providers. Over thecourse of last year BGHL won a USD 35 million contract to manage outpatient healthcareservices of more than 1.5 million members. The successful roll-out of this contract hascreated a solid foundation for BGHL to increase its reach and capture a substantialproportion of this managed healthcare market. On a group level we see significantsynergies in our pharmaceutical operations working in conjunction with our healthcareoperations to consolidate the position of the Bliss GVS brand as a provider of accessibleaffordable and high quality pharmaceutical products and patient care. We have alsoreceived interest in the managed healthcare model from other Sub-Saharan African (SSA)markets where our pharmaceutical operations are very well established. This represents anexciting opportunity that will provide sustainable growth potential for our group.
Our pharmaceuticals business posted stable numbers despite the macroeconomic challengesfaced in most SSA markets. Across the SSA region we remain focused to leverage our marketleading position in anti-malarials to build brands in other segments. We continue toincrease local presence in chosen markets in SSA order to enhance brand penetration andhave better control over the supply-chain. Our persistent investment in R&D hasstarted to yield fruitful results. Last year we added new products in tablets dry powdersachets suppositories and pessaries dosage forms across anti-malarial anti-inflammatoryanti-fungal and laxative therapeutic categories. Looking forward we have a robustpipeline of products in development that we will file for registration over the comingyear across African Russian & CIS South-East Asian and European markets.
It is important to acknowledge the currency devaluations experienced by many commodityproducing nations over the course of last year which have posed additional challenges toexporting products to these countries. This remains a critical risk factor to monitor forall export-focused pharmaceutical companies. It also provides added reason to increase theglobal reach of our products in order to geographically diversify our business.
To conclude I am confident we are in a good position to capitalize on growthopportunities in pharmaceuticals and healthcare across our markets. I would like tosincerely thank all shareholders partners and employees for their support over the lastyear and look forward to this support in taking the Bliss GVS group to new heights in theyears to come.
S. N. Kamath