We take pleasure in informing you that your Company has registered a growth of 8.8%despite the challenges largely caused by headwinds on account of changes in Governmentpolicies in the Indian Market and Regulatory issues in the International market.
The first half of the year FY17 showed good growth in sales of our Domestic FormulationBusiness. However in the second half of FY17 the Government's demonetization initiativedid impact the consumption pattern which affected some of the therapeutic segments.
On the International Business front the Company has given a detailed response to theUSFDA to their warning letter and is hopeful to tide over this matter at the earliest. TheCompany has filed 42 ANDAs till now of which 10 ANDAs were filed during the yearincluding 3 first-to-file(FTFs).
Looking forward Indoco's business prospects seem to be positive as business from USis expected to grow rapidly once the issue related to warning letter is resolved. Whilesurging ahead in the Regulated Markets Indoco is also strengthening its position in theDomestic and Emerging Markets through active brand promotion.
With the smooth integration of a recently acquired manufacturing facility at Baddi andCRO facility in Hyderabad the Company is now completely equipped to cater to the risingdemands from its Customers.
We express our gratitude to all our Stakeholders including shareholders customersbankers and the medial fraternity for their trust and support in the Organization. Wethank all Indocoites for their involvement which we value the most.
Thanking you all
Suresh G. Kare Chairman
|Aditi Panandikar ||Sundeep V. Bambolkar |
|Managing Director ||Jt. Managing Director |