September 11, 2025

Dear Shareholders,

Good morning everyone!

On behalf of the Members of the Board, I welcome you all to the 78^th Annual General Meeting of Indoco Remedies Limited. It gives me immense pride that for 78 years your Company has been reaching out to the patients worldwide with quality and affordable medicines.

The year gone by brought some unprecedented challenges like ever-changing regulatory scenarios, global supply-chain constraints, increased R&D costs, US tariff uncertainties and market volatility, thereby posing significant disruptions in the business.

I am extremely proud of all our shareholders, stakeholders, Indocoites, partners who have shown their trust and stood strong with us in these testing times.

The past year has been a defining one for our India business. We outpaced the growth of the Indian pharmaceutical market, strengthened our brand leadership, and expanded our footprint with purpose and precision.

Indoco entered into two high-potential therapy segments like dermatologicals and anti-glaucoma to diversify our portfolio while continuing to strengthen our leadership in established therapeutic areas. 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.

The Company invested in a Master Manufacturing Plan to bring in efficiencies, cater to our existing markets, and tap future business opportunities. Because of implementation of MMP, we are expecting reduction in our operating expenses across our formulation plants.

Our commitment to quality and compliance remain our utmost priority and we are consistently adhering to global regulatory standards. Our R&D focuses on development of complex ophthalmics, injectables, controlled-release formulations, nutraceuticals and more. Indoco is adopting new technologies and are in a phase of engaging with new AI tools to bring about speed in Formulation Development and Project Management. 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 have great infrastructure ready to take off and take benefit of enormous opportunities in the Pharma and OTC space.

Indoco has been empowering communities and enhancing lives through its CSR initiative across India in the areas of health, education, sanitation, infrastructure, environment and sports. We remain committed to creating a positive and lasting impact on society.

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.