Dear Stakeholders,

Ensuring access to quality healthcare is at the core of our business. We have continued to expand our reach, making essential medicines more accessible and affordable to those who need them the most. Despite facing unprecedented challenges, we have emerged stronger and more determined to drive our vision forward.

Indoco has delivered a robust 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 previous year. International Formulation Business grew by 1.3 % with revenues at ₹ 763 crores, as against ₹ 754 crores of previous year. API business grew by 79 % with revenues at ₹ 126 crores, as against ₹ 71 crores of 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.

The successful switch of one product from R_x to OTC has been a milestone, reflecting our ability to adapt to changing market dynamics and consumer needs.

Warren Remedies Private Limited, a wholly owned subsidiary of Indoco Remedies commenced commercial production of Oral Care products at its greenfield manufacturing facility in Shendra, Chhatrapati Sambhaji Nagar (Aurangabad). We also commenced production of Pharmaceutical Intermediates at this facility. This will provide us requisite capabilities and edge in meeting demand of Oral Care Products and Pharmaceutical Intermediates.

The organization expanded its 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 employees are the cornerstone of our success. We continue to invest in the growth and well-being of Indocoites, fostering a culture of collaboration and excellence. Our training programs, leadership development initiatives and wellness activities are designed to ensure that our team members are well-equipped to meet the future challenges. We have conducted various training & leadership development programmes for their personal and professional growth. Recently, we launched SAP Success Factor tool to enhance efficiency of our employees.

We continue to expand our market presence, strengthen our product portfolio and enhance our operational efficiencies across geographies. Our commitment to sustainability extends beyond our operations. We are dedicated to minimizing our environmental footprint and promoting sustainable practices within the progress of the communities we serve. We are committed to create a positive and lasting impact on the society. Over the past year, we have made significant strides in our mission to empower individuals and communities. Our efforts have been focused on key areas such as, healthcare, education and environment.

We extend our heartfelt gratitude to our employees, partners and stakeholders for their unwavering support and dedication. Together, we will continue to drive a positive change and empower those around us, creating a brighter and more prosperous future for all. Thank you for being an integral part of our journey.

Thanking you all,