Dear Shareholders,
I'm pleased to present our Company's performance for the fiscal year
ended March 31, 2022. As we reflect upon last year, I would like to extend my gratitude to
all of you for your unwavering support and faith in us.
The last few years have been difficult to say the least. Covid-19
pandemic affected the production and supply of chemicals in the market. The pandemic
impacted the functioning of various industries across the country, including the
availability of migrant labourers. The Indian economy has shown a steady recovery
post-pandemic and reflected growth at 8.7% in 2021-22. Numerous vaccination drives,
resumption of economic activities, Government policies and budgetary allocation along with
limited Covid-19 restrictions are further facilitating growth while raising public morale.
The optimism shown by our people has also helped boost the economic revival. Thus, leading
India towards becoming one of the fastest-growing major economies. According to research
and markets, the Indian healthcare market is expected to reach USD 197 billion by 2025.
The Indian Agricultural sector is predicted to reach USD 24 billion by 2025.
At Shivalik Rasayan, we strategically invest in the present to prepare
and fight the uncertainties, for a better tomorrow. While consistently focusing on quality
enhancement, we also adhere to safe and environment- friendly operations for a sustainable
future.
The foundation of our business strategies reflects our ongoing efforts
toward making Shivalik Rasayan a responsible corporate entity. We have been consistently
focusing on improving our operations' social, environmental, and economic performance,
underpinned by our robust and extensive R&D. We are committed to offer the best
solutions while continuously enhancing the landscape of advanced agrochemicals,
pharmaceutical intermediates and API.
Our highly qualified and capable scientists help provide the best
solutions to our customers. Our associate company, Medicamen Biotech Limited, additionally
serves us the benefit of forward integration for our pharmaceutical value chain. This
gives us a strong footing to compete in the market's strict IP-driven environment.
Our well-established capacities and far-sightedness help us tap
opportunities resulting from various developments in the industry. We are committed to
serving top-notch services to the clients. Along with it, we are well-informed of the
important changes in the market, as we expand into new regions. These factors, together,
enable us to improve our financial standing consistently.
We value and ensure proper care of our highly skilled employees that
propel our business' growth. Even amid a tumultuous year, we didn't step back. Driven by
our commitments, we marched ahead with our heads high.
We are proud to contribute to society and our people's well-being. Our
down team plays a crucial role in driving the sustainable development of Shivalik Rasayan.
We conduct CSR activities, through which we take an active part in natural resource
management, skill and education enhancement and rural development, among others.
In 2021-22, despite the challenges, we maintained a steady pace in
progress, and the business grew at a robust 16.27% year-on-year. Even amid various
economic hiccups, we recorded our highest-ever revenue, EBITDA and PAT. Revenue increased
by 16.27% year-on-year to Rs. 98.67 crores, EBITDA increased by 31.86% year-on-year to Rs.
25.19 crores and PAT increased by 52.70% year- on-year to Rs. 19.35 crores. I'm pleased to
report that we made progress toward transforming Shivalik Rasayan into a stronger, more
adaptable, and higher value-creating company throughout the year.
I am also glad to inform that during the current financial year, SRL
has filled one Drug Master File (DMF) for BORTEZOMIB with USFDA and also filled 3 CEP's
with EDQM for PIRFENIDONE, TEMOZOLOMIDE and BUSULFAN.
Looking ahead, I firmly believe that Shivalik Rasayan Limited is
well-positioned to achieve an enhanced leadership position in the market while we make
targeted, strategic decisions in line with our disciplined operations. Our world-class
infrastructure and persistent emphasis on research and innovation will help us continue
'creating possibilities' for 'shaping future'.
I am grateful to our stakeholders for their unwavering support and
inspiration. I want to thank our suppliers, our bankers and partners for their constant
cooperation. All of this progress wouldn't have been possible without the guidance of our
Board. I am extremely proud of the work and the dedication of our highly skilled team.
This gives us more confidence to march ahead, uninterruptedly serving our commitments with
excellence.
Best Wishes,
Rahul Bishnoi,
Chairman