It is vital to underscore that the core strategy of GLS will remain
intact, with any new strategy developed, being aligned to this core. To put this in
perspective, the change of control allows business to continue as usual while adding
strength to new levers for growth.
Dear Shareholders,
It is with great pleasure that I present to you the first Integrated
Annual Report of Glenmark Life Sciences (GLS), post the acquisition of its majority
shareholding by Nirma Ltd., in FY24. Our presence marks the beginning of a new innings at
GLS insofar as our promise to enhance the scope and reach of the current business. We
believe there is an opportunity to scale up capacities, build sustainable manufacturing
assets, and expand geographies with renewed focus on Quality, Compliance and Safety, all
of which, will give a boost to the future of GLS.
Our Strategic Vision
The decision to acquire GLS was driven by our strategic objective to
expand our presence in the pharmaceutical and life sciences industry. Our commitment to
the Company's mission, vision, values and our people will remain unchanged, facilitating
an independent growth trajectory for GLS. It is vital to underscore that the core strategy
of GLS will remain intact, with any new strategy developed, being aligned to this core. To
put this in perspective, the change of control allows business to continue as usual while
adding strength to new levers for growth.
We are con dent that the GLS journey that began in 2019 as a standalone
API company, with revenue that has grown from INR 1,537 crore in FY20 to INR 2,283 crore
in FY24, is poised to continue in the coming years. In the next phase of growth GLS will
scale up on multiple levers to become a major player in the API and CDMO space.
Synergy at the Core
At Nirma, we have been actively involved in the pharmaceutical sector
since 2006. Given our interest to propel the pharma business, I see this as a significant
opportunity to accelerate growth and create value for stakeholders. Together, we will
build a resilient platform that will set the Company on a sustainable path through strong
execution of an enhanced strategy, bolstering technology investments, expanding the
portfolio and geographic footprint, and driving world-class sustainable operations.
Investing for the Future
We shall bolster our investments for the upcoming manufacturing
facility at Solapur, a proposed state-of-the-art research centre and an overall
future-ready manufacturing ecosystem which will facilitate new research projects and
platforms, for generating a richer product portfolio and market diversi cation. I am sure
that these investments will meet the needs for the next phase of growth.
Growing Responsibly
A commitment to safeguard the environment and deliver shared value to
all stakeholders is embedded in the culture of the Company. While we will continue to
deliver high quality APIs that have the potential to positively impact millions of people
around the world, we do recognise the importance of operating in a responsible and
sustainable manner. We commit to minimise the impact on the planet and nurture the
communities around our facilities.
Outlook
Looking ahead, the horizon holds promising opportunities as we remain
steadfast in our commitment to our North Star, to create value for our stakeholders.
Further, our employees are at the core of our continued success and I
would like to express my appreciation for the commitment they have shown during the
transition phase. I would also like to thank our Board members and the leadership team who
have remained focussed on the business while shaping the future strategy.
Finally, I would like to acknowledge all our stakeholders for their
unwavering support and the trust they have placed on us during the acquisition process. We
look forward to delivering on GLS' vision of becoming one of the most valued API players
in the industry.
On behalf of the Board of Directors, I wish you a safe and exciting
year ahead!
Mr. Hiren K. Patel |
| Chairman and Non-Executive Director |