Science expands our understanding makes the impossible possible and helps us buildthe future we want for all people. We at Panacea Biotec have always believed in thepower of science in transforming people's lives. For us human lives are at the forefrontof whatever we do starting from developing vaccines that has put us on the brink oferadicating Polio from the world to protecting human lives from chronic diseases such askidney failure cancer diabetes and cardio vascular diseases etc. We are workingcontinuously in generating treatments cures and vaccines to tackle the world's mostdevastating diseases. Thanks to continued investment in science and technology PanaceaBiotec is on course of developing many more preventive and curative therapies for savinghuman lives.
I am pleased to share that Panacea Biotec has successfully raised an amount of Rs.7750million by way of issue of Share Warrants and Non-Convertible Debentures to IndiaResurgence Fund ("IndiaRF") (promoted by Piramal Enterprises Limited and BainCapital Credit) and Piramal Enterprises Limited and has paid all its debts to theconsortium lenders. We are really delighted with our continued partnership with IndiaRFat this critical juncture in Panacea Biotec's journey towards growth. Mr. ShantanuYeshwant Nalavadi Managing Director of IndiaRF has been appointed on the Board of theCompany w.e.f. December 10 2019. We look forward to leveraging their proven globalexpertise in turnarounds and are certain that our combined efforts will now helpaccelerate our future growth and protabilit y.
The Company's mission of becoming the world's leading biotechnology company offeringwidest range of innovative products and services to meet every healthcare need of mankindremains intact. To achieve this we have taken several innovative measures such asconsolidation and merger of our various business units to integrate efforts and optimizeproductivity greater focus on R&D in priority areas several involvements in eldforce motivation developing & commercializing best-in-class medicines expanding ourbusiness operations in developed and emerging markets and segregation of differentbusinesses of the Company to ensure smooth functioning of each business in the future.
The Company has completed transfer of its pharmaceutical formulations business to itswholly owned subsidiary viz. Panacea Biotec Pharma Limited ("Panacea BiotecPharma") by way of slump sale on going concern basis with effect from February 012020.
During the current financial year pursuant to the order of the Hon'ble NationalCompany Law Tribunal Chandigarh Bench dated September 09 2020 sanctioning the Scheme ofArrangement the demerger of real estate business into the Company's then wholly ownedsubsidiary Ravinder Heights Limited has been completed effective from September 102020.
Panacea Biotec continues its focus on vaccines as a core therapy segment and believesin its purpose of rendering long term protection from preventable diseases. Innovation hasproven to be the backbone for Panacea Biotec which helped Vaccines business to outperformin the therapeutic category. The Company's innovative fully-
liquid hexavalent Vaccine EasySix (DTwP-HepB-Hib-IPV) is one of the most consistentsuccesses for Panacea Biotec
in the Indian Vaccine Industry. As per AIOCD AWACS (MAT March 2020) sales data EasySixhas become the market leader in hexavalent vaccine market in India with 130 rank (jumpedfrom 204 rank last year) and features among the Top 150 brands in Indian PharmaceuticalMarket.
As a part of the long-term growth strategy we are now TM expanding sales of hexavalentvaccine EasySix in India and have initiated registrations in international markets withhaving received marketing authorization in two countries. We also have in our pipeline ofinnovative vaccines including Pneumococcal Conjugate Vaccine Recombinant TetravalentDengue Candidate Vaccine - DengiAll and Typhoid Conjugate Vaccine. During the currentonancial year the Company has successfully completed Phase I/II clinical trials ofPneumococcal Conjugate Vaccine (Nucovac) and Recombinant Tetravalent Dengue Candidatevaccine (DengiAll ) in India. The Company will be undertaking further development of thesevaccine in due course.
Panacea Biotec has an established business of pharmaceutical formulations in India(recently transferred to Panacea Biotec Pharma) and exports its products to over 30countries worldwide including USA Germany Russian Federation etc. The process of gettingthe product registration / marketing authorisation with respect to the internationalbusiness transferred to Panacea Biotec Pharma is currently in progress out of whichproduct registration / marketing authorization for key products in key markets has alreadybeen received.
Panacea Biotec Pharma has attained 14 position in its represented Therapeutic Marketand is also amongst the Top 60 Pharmaceutical Companies catering Indian PharmaceuticalMarket as per the AIOCD AWACS (MAT March 2020) sales data.
During the year ended March 31 2020 the vaccines business registered a turnover ofRs.1404 million with a growth of around 46%. The pharmaceutical formulations businessregistered a turnover of Rs.3316 million. The Company's total export revenue has alsogrown by 31% to Rs.1115 million with exports to US market having grown by 56% and theRest of World (ROW) markets having grown by 23%.
During the year ended March 31 2020 the Group has registered consolidated revenuefrom operations of Rs.5441 million registering an increase of ~19%. The Company'sconsolidated loss before tax and exceptional items has signicantly decreased to Rs.1619million from Rs.2878 million during previous onancial year. The Company's consolidatedloss after tax (before exceptional items) has also signicantly reduced to Rs.1789 millionfrom Rs.2963 million during previous financial year.
The Company has in place a detailed strategic plan to achieve signicant growth innear-term medium-term and long-term. The key growth drivers would include scaling up ofthe existing products and launch of new products and penetrating into newer markets inboth vaccines and pharmaceutical formulations business.
The Covid-19 pandemic has not just impacted the economic activities but also theongoing immunization activities in India and across the globe. However this pandemic hasonly strengthened our resolve our motivation now is at its peak and we are ready tobounce back with the launch of new vaccines and pharmaceutical products in India as wellas international markets. We at Panacea Biotec continue our efforts to make a signicantdifference in lives of people everywhere through its a ordable innovations. It worksclosely towards the development of society in line with its philosophy of creatinghappier and healthier society. We continue to be committed to grow the Company's businessbuilding on its strong foundation and executing its pipeline of products.
Although the future is full of unlimited possibilities for us as an organization wehave to innovate integrate our efforts and organizational capabilities and continuouslymotivate to outperform. Let's all gear up and prepare for the better days ahead which isnot very far away.
With these words I express my sincere thanks to all our stakeholders lenders banksemployees customers vendors and other business associates for their unbroken supportparticipation and guidance which we continue to count on as we forge ahead towards ourdestination.
Soshil Kumar Jain