September 26, 2023

Dear Shareholders,

Good morning everyone!

On behalf of the Board of Directors, I welcome you all to the 76^th Annual General Meeting of Indoco Remedies Ltd.

Over the years, we have faced challenges, celebrated successes and continued to grow and adapt in an ever-changing world. I want to take this opportunity to express my deep appreciation for the commitment and hard work of every Indocoite and the trust of every shareholder, business associates and partners.

I am happy to share that the Company grew by 9 % with revenues at ₹ 1638 crores, as against ₹ 1503 crores in the previous year. Domestic Formulation Business was flat as we had covid impact during previous year. International Formulation Business grew by 22 % with revenues at ₹ 754 crores, as against ₹ 620 crores of previous year. API business grew by 11% with revenues at ₹ 71 crores, as against ₹ 63 crores of previous year. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) to net sales is 17.4% at ₹ 285 crores, compared to 21.8 % at ₹ 327 crores, last year.

The senior management team at Indoco collectively pledged to take the organization to new heights. I assure you that this journey towards excellence over the next five years will be immensely fulfilling and rewarding.

A step in this journey is the recent acquisition in the US. Indoco acquired 85% of equity stake of the US based FPP Holding Company, LLC (“FPP Holding”) for USD 4 Million from Contract Pharmacal Corp. (“CPC”). FPP Holding is the holding company of Florida Pharmaceutical Products, LLC (“FPP”) which is based in Florida and engaged in marketing and distribution of generic pharmaceutical products in the USA. This strategic investment marks a significant milestone for the Company, solidifying its position as a key player in the US market. The smart synergy between Indoco and FPP will enable the Company to commercialize its registered generic products with a direct presence in the USA.

We are dedicated to continually enhancing our research and development capacities. Our commitment involves investments in cutting-edge technologies, forming strategic alliances, and fostering an environment that encourages innovation. This endeavour aims to tackle the unmet healthcare requirements of individuals worldwide.

On the Corporate Social Responsibility front, your Company remains steadfast in its commitment to support the underprivileged, with a strong emphasis on enhancing the quality of life for women, the elderly and children. Through our unwavering efforts, we aim to create a meaningful and positive impact on society, striving to uplift lives and foster a brighter future for everyone.

I would like to express my gratitude to our shareholders, customers, Indocoites and all stakeholders for their trust and support. Your trust in our vision is the driving force behind our success.

Thank you all.