Dear Stakeholders

The year witnessed extreme disruption in the global economy on accountof the Covid-19 pandemic. Indoco exhibited tremendous resilience and perseverance tosucceed in spite of all odds. Facing the catastrophic environment was not an easy taskbut Indocoites demonstrated full support commitment teamwork and competence whichenabled the Company to achieve very good results. We are extremely proud of Team Indocoand our heartfelt gratitude to all for standing with us during these difficult times.

Overall the Company grew by 12.8 % with revenues at Rs. 1217 croresas against Rs. 1079 crores in the previous year. Domestic Formulation Business de-grew by9.8 % with revenues at Rs. 619 crores as against Rs. 686 crores of previous year.International Formulation Business grew by 66.2 % with revenues at Rs. 492 crores asagainst Rs. 296 crores of previous year. The International Business recorded a healthygrowth during the year post the resolution of regulatory issues however the Indiabusiness witnessed de-growth due to environmental challenges.

Earnings Before Interest Taxes Depreciation and Amortization(EBIDTA) to net sales is 18.4 % at Rs. 223.6 crores compared to 11.4 % at Rs. 123.3crores last year. Profit After Tax (PAT) is 7.6 % at Rs. 92.4 crores as against 2.2 % atRs. 24.2 crores last year.

In the Domestic market we launched nine new products (SKUs) four inAnti-Diabetic two in Anti-Infective and one each in Stomatological Cardiac andVitamin/Mineral/Nutrient segments. Of the nine new products two are in the acute one insub-chronic and six in the chronic segment. Amongst these are a couple of new productswhich were launched for the treatment/prevention of Covid-19.

In US market the Company launched eleven products one of them beingthe first and only generic. We also received six ANDA approvals during the year.

Indoco is committed to building a healthier world by providing qualitymedicines made available at affordable price. In these challenging times we have enhancedour supply chain and manufacturing facilities to ensure continuous supply of medicines toneedy patients.

Indoco keeps alive its CSR mission by reaching out to the needy withfocus on the welfare of women the aged and children. We are striving hard to make apositive impact on the society and thereby creating better lives for a brighter future.

We express our gratitude to all our Stakeholders includingshareholders customers bankers and the medical fraternity for their support and trust inus. We thank all Indocoites for their contribution and trust which we value the most.

Thanking you all