Our success over the past several years has been a manifestation of our ability todevelop quality bulk drugs at an economical price. As we move towards higher growth ourability to retain these capabilities will help us achieve new heights of success and driveconsistent growth in profitability.
I am pleased to announce that despite turbulent market conditions our Company haswitnessed strong performance during the year under review with an annual revenue growthof 19.4%. Additionally we have recommended a maiden dividend of Rs. 0.50 per fully paidup equity share for the year ended 31 March 2016. This has highlighted our focus on valuemaximization of our stakeholders and our ability to sustain even in difficultmacroeconomic conditions.
During the year we have approved the amalgamation of Vetpharma Limited with theCompany (subject to various regulatory approvals) which is expected to generatesignificant operational efficiencies for our organization. The merger is expected tocreate significant value for our stakeholders by widening the product portfolio andintegrating technological prowess. During the year we have also developed a newmanufacturing facility at Tarapur Boisar. Our blueprint for growth includes focus onexpanding our production facilities to penetrate new areas of therapeutic treatments. Wehave made progress towards the same by acquiring land for a production facility in DahejGujarat which would further enhance our manufacturing footprint. The land has beenallotted for the project pending government approvals. We expect to begin commercialoperations at this facility in about 18 months post receiving the requisite approvals.
We also commenced full-fledged commercial production of an anti-malarial drug inJanuary 2016. Previously we were involved in the production of the intermediate of thesame drug at our existing facility but now we manufacture the end product. We havealready received the necessary approvals for the same and expect this forward integrationstrategy to result into margin expansion. During the year we divested our entire stake inthe wholly-owned subsidiary Nutraplus Generic Medicines & Health Care ProductsLimited. We also initiated a new project by incorporating 100% subsidiary Purecare PharmaLimited. The subsidiary is being created to regain our footprint in the Anti-BioticAnti-Bacterial and Cephalosporin segments.
I would like to thank our shareholders for their trust and confidence in the Company'sfuture prospects. We believe that a focused production approach robust product portfolioaggressive growth strategy in-house installation expertise strategic partnerships andalliances quality talent pool and stringent systems and processes would help us todeliver continuous growth. The shareholders continued support and commitment towards ourCompany has motivated us to enrich our processes and take a higher leap of growth. In thelong term expansion of production capacity and increased operational efficiency wouldhelp us to deliver profitable growth.
I would once again like to thank our shareholders for their support and I remainconfident that Nutraplus would deliver excellent long-term returns to shareholders.
Mukesh D. Naik