Dear Shareholders,

Healthcare continues to be at the centre stage with perennial challenges in our day to day lives. Despite these current uncertainties, we at Bilcare, have been able to focus and show resilience to deliver over 40% growth with over 30% exports. Bilcare has regained its market leadership in India by servicing zero defect and 100% OTIF products to all the leading PharmaCos. Our Clinical supplies services are regarded as a best in class with the drug innovating companies globally. Due to the higher sales and better performance, most operational ratios like current ratio, operating margin, interest coverage, etc. have improved over the past years.

Disruptions due to Covid leading to global shipping delays were unprecedented. In addition, an avalanche of soaring commodity prices made our stress multi fold. Bilcare team rallied around the customers proactively with transparency and serviced the sector uninterrupted with high growth - domestically as well as in overseas markets.

In these gloomy times of Covid-19, Bilcare GCS is grateful to have had the opportunity to handle Covid-19 clinical trial projects in the past year with supplies to domestic as well as global clients on a very fast track basis maintaining quality and compliance at every level. Most Covid-19 drugs are also exclusively packed in Bilcare material.

Indian PharmaCos continue to grow in double digits. Currently over 40% of US generic demand is catered by Indian PharmaCos. a solid testimony. Bilcare plays pivotal role in this growth by offering novel packaging solutions to these requirements. Access to medicine continue to drive volume growth in India.

Our ability to provide value-based research solutions combined with patient-first focus of care & convenience makes us unique. Child resistant, senior-citizen friendly & anti-counterfeit security features continue to grow in demand. Therefore, I am confident that Bilcare will continue to thrive in this sector. Bilcare products are approved & registered globally including in USA & Europe. We continue to penetrate our global reach with renewed energy & determination to grow exports in the coming times. Our research department continues to bring newer, eco-friendly ideas which provide equally stable & cost effective packaging solutions to medicines.

I sincerely pray for the well-being of my family, friends, colleagues, Bilcare family & shareholders and hope that the current situation improves, and we return to normalcy very soon.

I conclude by humbly thanking you all for your continued support & trust.