Dear Stakeholders,

In the year gone by, the pharmaceutical industry has seen ever-changing regulatory scenarios, global supply-chain constraints, increased R&D costs, US tariff uncertainties and market volatility. These have posed significant disruptions worldwide and have compelled us to rethink strategies and strengthen our operational efficiency. In a constantly evolving landscape, Indoco with its forward thinking policies continues to ensure access to quality and affordable healthcare in India and across the globe.

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. 13 new product launches and 38 brands ranking among the top 5 in their respective sub-groups are a testament to our commitment to innovation and excellence. We remain steadfast in capitalising on our strong brand recognition, a result of years of consistent performance and patient trust.

Furthermore, we entered into two high-potential therapy segments: dermatologicals and anti-glaucoma products to diversify our portfolio while continuing to strengthen our leadership in established therapeutic areas. With Kashmir newly integrated into our marketing territories, our reach now spans wider across the nation. As we look ahead, we will continue to build on our therapeutic leadership by investing in differentiated products, enhancing field force productivity, and leveraging digital tools to deepen engagement with healthcare professionals.

Globally, pharmaceutical products are witnessing pricing pressure, owing to either patent cliff or Government intervention. This calls for supplying quality products at competitive prices. To cope with this demand, manufacturing costs, cost of quality & allied costs need a significant reduction to retain market share and maintain supply of quality products consistently.

In keeping with the global market scenario, the Company in the past year, invested in a Master Manufacturing Plan to bring in efficiencies while catering to the already existing international market base. The Master Manufacturing Plan that was completed at most of our facilities, provides a definitive direction in achieving economies of scale by adhering to larger batch sizes, automation and quality, thereby rationalizing cost of production. During FY 2024-25, we have augmented capacities in four of our large Solid Oral Plants to achieve long term objectives.

Our R&D team continues to innovate and develop new products. The successful launch of Lofexidine tablets and Lacosamide tablets and injections on Day One in the US market is a testament to our commitment to providing quality medicines at affordable prices, across the globe.

At consolidation level, total income from operations during FY 2024-2025 is ₹ 1665 crores. Domestic formulation business grew by 10.3% at ₹ 934 crores, as against ₹ 845 crores of previous year. International formulation business was ₹ 501 crores, as against ₹ 763 crores of previous year. API business was ₹ 130 crores, as against ₹ 126 crores of previous year. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBIDTA) to net sales is 6% at ₹ 99.25 crores.

At Indoco, we believe that our employees are at the heart of the Company's success. They aid us in carrying out our mission and propel business growth. We leverage our employees' unique strengths through various skill and personal development training programmes. Our training initiatives ensure that our team members update their skills and are well equipped to handle unforeseen challenges.

Our commitment to ESG initiatives is deeply ingrained in the fabric of our operations and strategic decisions. In the past year various projects have been undertaken to conserve water and reduce the carbon footprint across all locations.

The Company continues to reach out to the underprivileged and the needy, through it’s CSR activities. Over the past year, we have successfully supported individuals, communities and NGOs in the fields of healthcare, sanitation, education, sports and environment.

Our heartfelt gratitude to our employees, partners and stakeholders for their unwavering support and dedication. Together we shall continue to drive a positive change and empower those around us, thus creating a brighter and better future for all.

Thank you for being an integral part of our journey.