Dear Stakeholders,
As we enter into the new fiscal year, I am pleased to present to you
our Company's performance, achievements, and future prospects.
In the past fiscal year, we have seen significant developments across
both, our APIs and Formulations businesses. We have strategically decided to transfer our
API business to our 100% subsidiary to facilitate focused growth. This move aligns with
our commitment to enhancing operational efficiency and optimizing working capital
management.
Within our API business, our key products are Simvastatin, Ketamine,
and Fumagilline. Additionally, our R&D team is actively working on developing a
pipeline of 10 new products, positioning us for future growth opportunities.
In the Formulations business, our focus on hospital and trade business
has yielded positive results with a notable increase in branded business in the domestic
market. With targeted investments in sales teams and product portfolio expansion, we aim
to substantially grow our hospital business revenue in the upcoming fiscal year.
Furthermore, we remain committed to innovation in intensive care portfolio, where we aim
to expand our product offerings to cater to evolving market demands. We have also
initiated plans for backward integration into specific APIs, to improve cost efficiency
and enhance margins.
A significant milestone achieved this year was the launch of REMITHEM?
(REMIFENTANYL) in India, under our Critical Care Segment. This will not only add to our
existing revenue but also open doors for collaboration with hospitals in drug delivery and
medical devices. This would also provide increased visibility and opportunities in the
hospital business. REMITHEM is a global market leader in its category and is now part of
our Anaesthesia portfolio.
On the pharma side, our focus on Thrust Brands is yielding good
results, with several products evolving into successful brands. This gives us the
confidence to further grow the portfolio of such brands. We are undertaking several
initiatives towards this, like continued focus on our forte, specialty doctors, general
practitioners, introducing attractive incentive and reward schemes for the marketing team,
etc. Going forward, we also plan to make our products more visible to specialty doctors
along with existing GPs and expand into newer geographies.
As for exports, we are actively pursuing product registrations, having
filed more than 75 dossiers for formulations in RoW markets this year. This demonstrates
our commitment to growing our presence in international markets and diversifying our
revenue streams.
On another note, to support our high-growth businesses and to optimize
our existing facilities, we have entered into agreements with two new dedicated
contract-manufacturing organizations in Gujarat. These facilities will focus on
institutions, export business, and key thrust brands, offering a cost-effective solution
that aligns with our growth strategy.
Performance of your company:
Coming to the Company's performance for the year 2023-24 as compared to
2022-23.
• Total Consolidated Revenue from Operations increased by Rs.
27.44 cr. (7.74%) (Rs.381.76 cr. Vs Rs. 354.32 cr.)
• Net Profit decreased by Rs. 13.69 cr. (-24.24%) (Rs. 42.78 cr.
Vs Rs. 56.47 cr.)
• Profit before tax decreased by Rs. 19.07 cr. (-26.30%) (Rs.
53.44 cr. Vs Rs. 72.51 cr.)
• EBITDA decreased by Rs. 15.95 cr. (-23.64%) (Rs. 51.51 cr. Vs
Rs. 67.45 cr.)
As we look ahead, we are optimistic about the growth prospects of both
the domestic and global pharmaceutical industry. With increasing demand for healthcare
products and services, coupled with favourable regulatory environments, we believe that
Themis Medicare Limited is well-positioned to capitalize on emerging opportunities and
deliver sustainable value to shareholders.
In addition to our operational and financial achievements, we remain
deeply committed to corporate governance, sustainability, and corporate social
responsibility. Throughout the year, we have upheld the highest standards of integrity,
transparency, and ethical conduct in all our business operations.
In conclusion, I would like to express my gratitude to our
shareholders, customers, employees, and all stakeholders for their unwavering support and
dedication.
Yours sincerely,
SD/-
Dr. Sachin D. Patel
Managing Director & CEO