I am pleased to present to you Everest's FY 2020 Annual Report.
It was a landmark year for Everest with exciting achievement. The company was able toachieve all time high turnover and profitability. We made significant all round progressduring the year. In spite of the odds we have demonstrated that the right strategy focusand geographical footprint will deliver consistent and sustainable growth. We closed theyear with strong growth across all our key products and markets thereby significantlystrengthening our profitability and balance sheet. We have had strong momentum in ourproduct category and geographies. Importantly in the current times we have been able toensure business continuity while safeguarding the health and safety of our employees.
On the revenue side your Company continue on its growth path and I am happy to sharethat we closed the year on a very positive note. We have developed and commercialised themuch needed products to market - Oseltamivir and it is now ramping up to a meaningfulshare and we continue to have enhanced focus on viral segment during this testing time.
It was a remarkable journey to develop Remdisivir API at Lab's scale with an in-houseR&D technology for a growing company like Everest. It further strengthens ourcommitment towards R&C challenges and develops new products such as ValaganciclovierPosaconazole Bosentan in future. The Company shall have enhanced focus to develop andcommercialise new product such as Valaganciclovier Posaconazole Bosentan and to name afew in the coming financial year.
On the manufacturing front apart from existing production we further continue tobuild our capabilities and strengthen our processes by developing waste to value addedproducts derived from primary waste using in-house developed technology greeninitiative zero waste discharge policy etc. The Company has enhanced investment forbetter pollution control and energy efficiency during the year.
It was a remarkable year from the financial front with a significant growth in therevenue and profit margin of the Company. There was a significant enhancement in exportturnover of the Company with revised and upgraded credit rating from Brickwork RatingAgency and growth in the current ratio of the Company. This is the second year in the rowCompany is sharing the wealth by declaring 10% dividend to the shareholders
From marketing front the company is exporting its products to the regulatedsemi-regulated and unregulated markets and is in the process of registering its product incertain middle-east countries. Other than improving the base business across thesemarkets we launched several new products like Rivaroxaban and its intermediates andOseltamivir and its intermediates. The various products of the Company are exported togeographical footprints like US Western Europe Eastern Europe South America EgyptAustralia Germany Saudi Arabia Dubai and other neighbouring countries like ChinaVietnam Iran Singapore Indonesia Bangladesh Pakistan Sri Lanka and other Middle Eastcountries. Company has scaled up in new geographies like Saudi Arabia Syria and Mexicoand registered growth in volume in countries like Bangladesh Turkey China and Iranduring FY 2020.
The global COVID-19 pandemic that we have all been facing together since the lastquarter of FY20 has strengthened our resilience as a company and our commitment to humankind. Even during the lockdown despite debilitating challenges we delivered on ourcommitment and ensured the supply of essential goods and services. We provide safe andsecured environment with zero lay-offs and zero salaries cut to all our employeesduring Covid-19 pandemic and global lockdown. We have further engaged in the activitiesthat complement government relief efforts - distributing medicines meals and groceriesetc.
I would like to express my heartfelt appreciation to the entire team at Everest fortheir untiring efforts and constant commitments to achieve the set goals Directors fortheir guidance and partners bankers and wider stakeholder community for their continuedfaith and support. I am confident that Everest Organics will create the necessary leversto deal with this uncertain business environment and we look forward to a successful FY2021.
Stay safe. Stay healthy.
With best regards
Dr. Srikakarlapudi Srihari Raju