Dear Stakeholders,
It has been an incredible journey of 75 years of touching lives and
spreading smiles with our quality and affordable medicines. We express our sincere
appreciation for your continuous support and trust in the organization. The Financial year
2022-2023 has been a year of opportunities and challenges, however, we have been
consistent in our performance with annual total revenues of 1638 crores.
The Company grew by 9 % with revenues at 1638 crores, as against
1503 crores in the previous year. Domestic Formulation Business was flat as we had covid
impact during previous year. International Formulation Business grew by 22 % with revenues
at 754 crores, as against 620 crores of previous year. API business grew by 11% with
revenues at 71 crores, as against 63 crores of previous year.
Earnings Before Interest, Taxes, Depreciation, and Amortization
(EBIDTA) to net sales is 17.4% at 285 crores, compared to 21.8 % at 327 crores, last
year.
We are constantly striving to expand our research and development
capabilities and are investing in innovative technologies, strategic partnerships and
nurturing a culture of innovation to address the unmet health needs of patients across the
globe. Recently, Indoco acquired 85% of equity stake of the US based FPP Holding Company,
LLC (“FPP Holding”) for USD 4 Million from Contract Pharmacal Corp.
(“CPC”). FPP Holding is the holding company of Florida Pharmaceutical Products,
LLC (“FPP”) which is based in Florida and engaged in marketing and distribution
of generic pharmaceutical products in the USA. This strategic investment marks a
significant milestone for the Company, solidifying its position as a key player in the US
market. The smart synergy between Indoco and FPP will enable the Company to commercialize
its registered generic products with a direct presence in the USA. The Indian
pharmaceutical industry, like any other, is subject to various uncertainties, including
regulatory changes, pricing pressures, intellectual property issues and global economic
fluctuations. India's growing middle class, increased healthcare awareness, and rising
disposable incomes are driving the demand for pharmaceutical products within the country.
We are dedicated to upholding our CSR mission by actively supporting
the underprivileged, with a significant focus on improving the well-being of women, the
elderly and children. Our relentless efforts are geared towards making a meaningful and
positive difference in the society, aiming to enhance lives and build a brighter future
for all.
We extend our deepest gratitude to all Indocoites, our stakeholders,
shareholders, customers, bankers and the medical fraternity for their unwavering
dedication and support. Together, we can create a brighter, healthier future for all. We
are excited about the journey ahead and look forward to our shared success.
Thanking you all,