To our Valued Investors
The fiscal year 2020-21 was an extraordinary year marked byunprecedented challenges. The COVID-19 pandemic combined with corresponding globalrestrictions deeply affected the business of your Company. A substantial part of theCompany's business is "contact intensive"; and given the macro environmentof caution and constraints we were challenged to conduct normal business operations.
I had already called out during my last annual report communicationthat the Q1 and Q2 of FY21 are going to be very challenged quarters. The result was nodifferent. We had to make very important strategic choices on what business to keep andwhat business to let go of. We focused on "Live to fight another day". Inkeeping with this guidance from the Board we made a major decision to shut down our EUoperations. While this was not ideal for the long-term growth of the business it wasforemost to do this to preserve and attain positive cash flow from operations. The EUoperations had a sustained negative cash flow and given the circumstances caused due toCOVID-19 it was critical to exit the EU business. This fundamentally rearchitected ourbusiness so as to focus on the Indo US corridor that we have successfully done.
As we move forward the ambition of your Company is to be a cashpositive business that is CAPEX lean and asset light. We have taken several steps in thisregard that are enunciated below.
Efficient Organisation Structure
We have de-layered the organisation to become nimble to customerdemands yet providing high value expertise. Our leadership teams have been functioningexceedingly well with the teams across the board working together seamlessly living trueto our core and DNA values of Seamless Collaboration High Performance Mindset andCustomer Obsession.
Our Impact in COVID-19 response
We are very excited about the critical COVID-19 work that we deliveredover the year. Your Company has the medical and scientific expertise to conduct complexclinical trials within the shortest possible time to support biopharma companies that areembarking on solutions for COVID-19. We have been an integral part of successfullydelivering 9 COVID-19 trials.
We continue to be a highly comprehensive CRO in providing end-to-endservices and over the year we have been successful in 100% renewal of annuity contractsfrom Big Pharma. We renewed long-term contracts with multiple US Federal Agencies andadded 16 new logos to our customer portfolio. Customers have appreciated your Company forquick responsiveness strong customer-centric relationships deep domain and technicalexpertise and superior delivery excellence.
Boosting Innovation to Drive Growth
Our ability to build a pipeline of meaningful innovations fuels ourgrowth. The Company has continued to deepen its commitment to invest in technologyintellectual property and platforms. New features were developed and deployed forTAKE's IP solutions.
We have widened our scope in our Generics business and are delvingdeeper into the complex studies which includes Clamp studies for the Diabetic moleculesinhalation studies for all the Metered Dose Inhalers (MDIs) aerosols and nasal sprays. Weare also extending our studies into the peptides and conducting specific research in thatarea.
Focusing on Technology Enablement
The CRO industry is at an inflection point as COVID-19 has changedclinical trials forever with technology-enabled services being in the forefront during thenew normal. We are witnessing the beginning of a restructuring of the clinical triallandscape. Returning to traditional models will not be possible even in the post-COVID-19world. Our future plans include a focus on technology enablement which can be achieved byintegrating disparate systems usually used in clinical trial systems and which supports usin providing real-time insights and also data-driven decisions for efficient clinicalstudies. Through this we are fully driven in terms of executing the next-gen clinicaltrials. We will be future-proofing with real-time insights-driven optimization to informsponsor team and executive management with real-time status for informed decisions thatdeliver quality outcomes. There will be greater implementation of patient engagement toolsand remote monitoring.
The Company's OneClinical an AI-driven platform enables clinicaltrial optimisation and real-time data analytics to prompt early data-driven decisionsenabling remote monitoring and risk-based monitoring. Our other technology IPs (likepharmaREADY safetyREADY rimREADY etc.) also digitize and drive automation and serviceexcellence for Life Sciences companies.
TAKE Cares Employee Centric Initiatives
Your Company launched the TAKE Cares' initiative to promotehealth and safety of all our stakeholders. As a welfare measure numerous campaigns havebeen promoted to provide continuous proactive support throughout the pandemic. Theinitiative underpins the below:
Vaccination support for Frontline workers
Medical helpline number launched to provide timely support and guidance by our in-housedoctors Periodic townhalls and knowledge sharing sessions by in-house doctors
Regular mail communications to employees highlighting DO's and DONT's
Information support that encouraged employees to take care of their mental and physicalhealth through yoga and meditation.
Frequent mailers about diet and nutrition
Constant reminders to practice COVID-19 appropriate behaviour
The events that unfolded in 2020-21 are unprecedented and the pandemicis not over yet. The health crisis had an enormous impact on every aspect of our lives.Despite all odds our colleagues have risen to the challenges presented by COVID-19 andhave delivered exemplary services. As a Company we are committed to our business strategyand are confident that we will be back on track to propel forward in building a cashpositive business.
We continue to be dedicated to creating shared success for all.