September 26, 2024

Dear Shareholders,

Good morning everyone!

On behalf of the Members of the Board, I welcome you all to the 77^th Annual General Meeting of Indoco Remedies Limited. It gives me immense pride that Indoco has completed 77 years of excellence this year.

Indoco’s journey over 7 decades has been one of innovation, integrity and relentless pursuit of excellence in quality. From a humble beginning in 1947 to becoming one of India’s most respected pharmaceutical companies. We have made significant strides in our commitment to quality healthcare and affordable medicines.

The year has been full of unprecedented challenges, however, we have emerged stronger and more determined to drive our vision forward. Indoco has delivered a good performance, demonstrating resilience and adaptability. The Company grew by 8 % with revenues at ₹ 1762 crores, as against ₹ 1638 crores in the previous year. Domestic Formulation Business grew by 6 % with revenues at ₹ 845 crores, as against ₹ 797 crores of the previous year. International Formulation Business grew by 1.3 % with revenues at ₹ 763 crores, as against ₹ 754 crores of the previous year. API business grew by 79 % with revenues at ₹ 126 crores, as against ₹ 71 crores of the previous year. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) to net sales is 14.6% at ₹ 258 crores, compared to 17.4 % at ₹ 285 crores, last year.

During the year, we have strengthened our product portfolio with new product launches, expanded into newer geographies, and adapted digital tools that improve our operational efficiencies.

Our India business continues to be a vital pillar of our strategy. With the successful launch of the iGenie portal this year, our teams are equipped with real-time data to make informed business decisions, aligning us closer to our customers. We expanded our Ophthalmology presence in India with the creation of a second all-India division, aimed at strengthening the Company's position in the anti-glaucoma market.

Our commitment to quality and compliance remains at the forefront, ensuring that we meet the highest regulatory standards globally. Our Research and Development efforts are aligned with a mission to provide quality, safe and affordable medicines to cater to the unmet needs of the patients.

We remain committed to creating a positive and lasting impact on society. Over the past year, we have made significant strides in our mission to empower individuals and communities through our CSR initiatives. Our efforts are focused on key areas such as healthcare, education, sanitation and the environment, ensuring that we contribute meaningfully to the well-being of the communities we serve.

I would like to express my sincere gratitude to our shareholders, customers, Indocoites and all stakeholders for their trust and support. Thank you for being a part of our journey.