Indoco Remedies Ltd.

Message From the Top Management

Dear Stakeholders,

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 Government policies 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 Formulation Business. However, in the second half of FY17, the Government's demonetization initiative did impact the consumption pattern, which affected some of the therapeutic segments.

On the International Business front, the Company has given a detailed response to the USFDA to their warning letter and is hopeful to tide over this matter at the earliest. The Company has filed 42 ANDAs till now, of which, 10 ANDAs were filed during the year including 3 first-to-file (FTFs).

Looking forward, Indoco's business prospects seem to be positive, as business from US is expected to grow rapidly once the issue related to warning letter is resolved. While surging ahead in the Regulated Markets, Indoco is also strengthening its position in the Domestic and Emerging Markets through active brand promotion.

With the smooth integration of a recently acquired manufacturing facility at Baddi and CRO facility in Hyderabad, the Company is now completely equipped to cater to the rising demands from its Customers.

We express our gratitude to all our Stakeholders, including, shareholders, customers, bankers and the medial fraternity for their trust and support in the Organization. We thank all Indocoites for their involvement, which we value the most.

Thanking you all,

Suresh G. Kare

 Aditi Panandikar
Managing Director

Sundeep V. Bambolkar
  Jt. Managing Director