Dear Stakeholders
Indian pharmaceutical industry is globally recognized and is one of the most successfulindustries in India. However in the last couple of years the industry faced severalchallenges which include rise in competition delayed product approvals decreased valuefrom new product launches and increasing price control. This has resulted in lower salesgrowth both in Domestic as well as Export business for the industry as a whole.
The Financial year 2017-18 was full of challenges for the Company. GST transitionwarning letter received from USFDAfor Goa Plant 11 and restricted GMP compliance fromUKMHRAfor Goa Plant I affected growth.
In the Domestic business the supply chain is normalised post GST implementation.Efforts are on to get the Regulatory compliance in line with the latest cGMP guidelinessubsequent to which International business will see a revival.
In the meantime ANDA/Dossier filing is in progress. In Emerging Markets focus is moreon trade business for consistent growth and profitability. Cost saving measures are alsobeing taken to minimize impact on the overall profitability. The Company is confident thatthe current issues will be addressed expeditiously.
We express our gratitude to all our Stakeholders including shareholders customersbankers and the medical fraternity for their trust and support in Indoco. We thank allIndocoites for their contribution and trust which we value the most.
Thanking you all
| Suresh G. Kare | Aditi Panandikar | Sundeep V. Bambolkar |
| Chairman | Managing Director | Jt. Managing Director |
