Message From the Top Management
The year witnessed extreme disruption in the global economy on account of the Covid-19 pandemic. Indoco exhibited tremendous resilience and perseverance to succeed in spite of all odds. Facing the catastrophic environment was not an easy task, but Indocoites demonstrated full support, commitment, teamwork and competence, which enabled the Company to achieve very good results. We are extremely proud of Team Indoco and our heartfelt gratitude to all for standing with us during these difficult times.
Overall, the Company grew by 12.8 % with revenues at ₹ 1217 crores, as against ₹ 1079 crores in the previous year. Domestic Formulation Business de-grew by 9.8 % with revenues at ₹ 619 crores, as against ₹ 686 crores of previous year. International Formulation Business grew by 66.2 % with revenues at ₹ 492 crores, as against ₹ 296 crores of previous year. The International Business recorded a healthy growth during the year post the resolution of regulatory issues, however, the India business witnessed de-growth due to environmental challenges.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) to net sales is 18.4 % at ₹ 223.6 crores, compared to 11.4 % at ₹ 123.3 crores, last year. Profit After Tax (PAT) is 7.6 % at ₹ 92.4 crores, as against 2.2 % at ₹ 24.2 crores, last year.
In the Domestic market we launched nine new products (SKUs), four in Anti-Diabetic, two in Anti-Infective and one each in Stomatological, Cardiac and Vitamin/Mineral/Nutrient segments. Of the nine new products, two are in the acute, one in sub-chronic and six in the chronic segment. Amongst these are a couple of new products, which were launched for the treatment/prevention of Covid-19.
In US market, the Company launched eleven products, one of them being the first and only generic. We also received six ANDA approvals during the year.
Indoco is committed to building a healthier world by providing quality medicines made available at affordable price. In these challenging times, we have enhanced our supply chain and manufacturing facilities, to ensure continuous supply of medicines to needy patients.
Indoco keeps alive its CSR mission by reaching out to the needy with focus on the welfare of women, the aged and children. We are striving hard to make a positive impact on the society and thereby creating better lives for a brighter future.
We express our gratitude to all our Stakeholders, including, shareholders, customers, bankers and the medical fraternity for their support and trust in us. We thank all Indocoites for their contribution and trust, which we value the most.
Thanking you all,
Suresh G. Kare
Sundeep V. Bambolkar
Jt. Managing Director