I have pleasure in once again communicating to you as Managing Director & CEO ofyour Company. The Management as always continues to enjoy your confidence as we steerThemis Medicare Limited on a path of growth. I hope you will continue to extend yoursupport as we face new challenges take new initiatives and sustain the momentum that hasbeen built over the past decades. As we ended the year under review your Companycompleted 48 years of serving patients in India. The year gone by has been a challengingexciting and at times a stressful one but has been underlined by a deep sense ofsatisfaction. Your Company is laying a strong foundation to build a legacy for the futureto provide quality affordable products for our customers. New avenues for growth andprofitability are being explored in line with the opportunities thrown up by the economicecosystem in the country and abroad.
The Goods and Service Tax (GST) the biggest indirect tax reform of India wasrolled-out effective from July 1 2017 which impacted all areas of business across varioussectors including the pharmaceutical industry. While your Company was swift and smooth intransitioning to the new tax regime given the backdrop of this large transition that thecountry underwent the operating environment for your Company during the year remainedchallenging and your Company's Sales were impacted for a period of 60-90 days.Nevertheless your Company has reported below financial figures.
During the year under review your Company has achieved turnover of Rs. 21170.67 lakhsas compared to Rs. 22614.85 lakhs during last financial year. Your Company has earned anet profit after tax of Rs. 914.54 lakhs for the year as compared to net profit after taxof Rs. 1479.74 lakhs during the previous financial year.
Besides our customers and employees we are proud to be continuing our contribution tothe society in which we live.
We believe that regulatory approvals are business driving factors. The year underreview was challenging with respect to regulatory inspections at two of our locations viz.Hyderabad and Haridwar. API facility at Hyderabad faced a stringent EDQM (EuropeanDirectorate for Quality of Medicines) re-inspection and our formulation unit at Haridwaralso went through equally stringent EU GMP (European Good Manufacturing Practices)inspection. The EDQM inspection at Hyderabad was successfully carried out in December 2017and we have already received approval and certificate for the same. The EU GMP inspectionat Haridwar was conducted by Medicines Authority Malta in the month of January 2018. Boththe inspections challenged our GMP and Quality operations critically and the inspectorscrucially went through our products processes and systems to finally grant us approval.The certificate of EU GMP at Haridwar is expected shortly. We believe that Quality atThemis Medicare is a continuing journey towards perfection and we shall strive for thesame.
Introduction of a dedicated fermentation block and introduction of new product line inour Vapi Unit is expected to bring in promising growth and increase in your Company's APIBusiness.
Our focus will continue to be on delivering results on our promise of unwaveringcommitment to our shareholders. We will reciprocate the trust placed in us by creatinglong-term value for your investment.
I thank you for your continued encouragement as always and look forward to yourconstant support in our journey of charting success. I take this opportunity to place onrecord my acknowledge and gratitude to our other stakeholders like customers suppliersGovernment agencies foreign collaborators and of course employees for their support andcooperation which I hope will continue going forward.
Dr. Sachin D. Patel
Managing Director & CEO