Dear Shareholders,
FY2024 has been a strong year for our Company with all-round
improvement seen across multiple financial and operational parameters.
During the year, we not only recorded a healthy revenue growth of 15%
YoY, but also delivered around 450 basis point YoY improvement in our EBITDA margin. We
ended the financial year with a Net Profit After Tax (before exceptional items) of 81
Crores versus a Net Loss (before exceptional items) of 180 Crores in the previous
financial year. We also reduced the leverage on our balance sheet from 5.6x Net Debt /
EBITDA at the start of the financial year to below 3x by the end of the year. This
performance is even more commendable given the backdrop of a challenging macro environment
marked by high interest rates, biotech funding challenges, geopolitical tensions leading
to supply chain disturbances and slower consumer demand in rural India. We would like to
extend our gratitude to all our business partners for their support and our employees and
the leadership team for their commitment and hard work, without which we would not have
achieved this performance.
10
During the year, we also successfully completed our Rights Issue of
1,050 Crores with a subscription of 128%. We would like to thank our shareholders for
their faith in our capabilities and partnering with us in our journey to deliver
sustainable shareholder value through consistent and profitable growth.
128%