I am pleased to present to you Everest's FY 2019 Annual Report.
It was a year of significant achievements for Everest. On the revenue side yourCompany has witnessed an impressive growth and I am happy to share that we closed the yearon a very strong note. Apart from the operating performance we also made meaningfulprogress on our strategic plan on both complex generics and speciality. Other thanimproving the base business across these markets we launched several new products likeIlaprazole Rivoraxavan and Febuxostat and scaled up in new geographies like ChinaVietnam Middle East and other developed geographic.
In response to the changing conditions in this key market especially Chinese marketthe company's Active pharmaceutical Ingredients and Intermediaries manufacturing businesshas seen a greater traction. In FY 2019 revenues from API's grew by 38.56% over FY 2018.The strategy of building sustainable and growing API revenues involves deeper customerrelationships new product portfolio and ramping up of base businesses in key geographies.
It has been remarkable success story of growth with investment in right placesespecially in upgrading pollution control your company has successfully achieve not onlyhigher top line and eventually converted them to sustainable bottom-line. With strictnorms in China regarding polluting industry and overall business environment betweenUS-China your company is strongly placed to reap maximum benefit from the same.
For the first time in the history of Everest Organics the company has declared maidendividend of 10% to its shareholder there by sharing the wealth in a small way. Let meassure you that this is just a beginning and I am quite confident that we shall be in evenbetter position to create much larger shareholders value in near future.
While there were many successes throughout the course of FY 2019 we had our share ofchallenges particularly on the compliance front. We have initiated and made significantprogress on our remediation and enhancement plan and are committed to sustainablecompliance in our site and as an organisation this is one of our biggest priorities.
Given your company's significantly improved performance in FY 2019 the success inimproving operational efficiencies and our determination to drive growth we arereasonably optimistic of the prospects for FY 2020
I would like to express my heartfelt appreciation to our management team allemployees partners bankers and wider stakeholder community for their support. I amconfident that Everest Organics will scale newer heights of performance and excellencethis year.
With best regards
Dr. Srikakarlapudi Srihari Raju