We believe in our leadership potential and have developed a robust
 strategy to grow and consolidate our position , in the industry
 
 Dear Shareholders
 
 The global pharmaceutical industry is all set to witness the best and
 the worst of times, depending on the way we look at it.
 
 Generic companies are about to enter a phase of incredible opportunity
 with the imminent patent cliff when drugs worth USD 78 Bn will go off
 patent. And in the innovation space the prospects for high-value
 collaborations with big pharma on research projects are increasingly
 plausible as pharma giants look to cut research costs and fortify their
 R&D pipelines through tie-ups with other organizations. All this augurs
 well for Glenmark as we have the capability to capitalize on both these
 opportunities.
 
 At the same time, however, the business environment for the industry
 has become particularly exigent. The generics space is witnessing
 significant value erosion with growing competition. While this market
 was hitherto the domain of pure play generic companies, we now see
 innovator companies - those that have so far built fortunes by
 discovering new drugs - climbing onto the generics bandwagon as they
 face an increasingly unpredictable future in the pursuit of a new
 blockbuster drug. And then we have the giants of the generics industry
 who are now looking to move up the value chain by investing in
 innovation and differentiated products to bolster the sustainability of
 their business model. Clearly the lines between innovator companies and
 generic companies have blurred and this, alongwith increasing
 regulatory hurdles and pricing pressure is adding to the complexity of
 our business.
 
 But there is an upside to this. Challenges help to separate the true
 leaders from the rest of the pack. We at Glenmark believe in our
 leadership potential and have developed a robust strategy to grow and
 consolidate our position in the industry.
 
 The Glenmark Story So Far Looking back over the last decade, Glenmark
 has grown 14 fold in revenues and nearly 26 fold in profits, a
 remarkable achievement by any standards. While growing the business at
 a remarkable pace, we have not lost sight of our goals.  We have
 remained focused on building a truly world class innovative company and
 at the same time developing strong capabilities in our generics
 business.
 
  We have remained focused on building a truly world class innovative
 company and at the same time developing strong capabilities in our
 generics business
 
 During the last couple of years our primary objective was to ensure
 that every operating region is self sustaining from a funding stand
 point. In this financial year, we have come close to this goal and
 expect it to further strengthen that position in FY*12.
 
 For the financial year, we also managed to register commendable sales
 and profit growth for the group.  Glenmark grew net sales by 19 %* and
 net profit increased by 38 %\ The net sales growth was spurred by
 India, US and API business.
 
 Glenmark grew net sales by 19 %* and net profit increased by 38 %*
 
 Generics Business
 
 In the pure generics space, we have done well with the business growing
 by 19 %. In the US, where your Company continues to differentiate
 itself by focusing on niche/difficult- to-manufacture products that are
 more profitable, sales grew by 20 %.The US generics business received
 22 ANDA approvals, the highest for an Indian company in this financial
 year. We also became the first Indian company to receive approvals for
 a basket of oral contraceptive/hormone products, a category that has
 significant potential. As of now, we have six approvals in this
 segment. While we launched 18 products in the US last year, the impact
 of these launches will be reflected in the current financial year.
 
  US generics business received 22 AND A approvals, the highest for an
 Indian company in this financial year
 
 Our US generics strategy also includes a basket of strategic Para IV  
 filings. Your Company has now settled all the four Para IV challenges
 where Glenmark was the sole first-to-file.  Hence, we are now sure that
 we will have atleast one Para IV opportunity every year for the next
 three years providing us clear visibility in terms of sales.
 
 During the year, we did suffer a setback on the Para IV filings front
 with the jury verdict on the cardiovascular drug Tarka in Jan11 which
 went against us. Earlier, in May10 the judge had overruled a
 preliminary injunction filed by the innovator, paving the way for the
 launch of the product at risk. The matter is still pending in the US
 courts and the judge has yet to take into account Glenmarks defense
 that the patent is invalid for double patenting, for which the jurys
 verdict was only advisory. Glenmark believes that the innovators
 patent is not valid and we are confident that the court will consider
 our view.
 
 Glenmarks generics business also benefitted from the excellent growth
 in the API segment. The growth is the result of a change in our
 strategy - we have shifted our focus from semi-regulated markets to
 regulated markets.  This has helped us decommoditize and grow the API
 business faster and more profitably.
 
 Specialty Business
 
 The specialty business in India recorded good sales growth thanks to
 new product launches in key therapeutic areas.  Over the last few years
 we have implemented a conscious strategy of emphasizing on power brands
 and key therapeutic areas viz Dermatology, Respiratory and Oncology. In
 addition, we will focus on one or two additional therapeutic areas
 which will be specific to a region. This strategy has already started
 bearing fruit in the Indian market and in the Rest of the World (RoW)
 markets where we have just completed the implementation of this
 strategy.  We are confident that in this year, the RoW markets - which
 saw a modest increase in sales last year - will record strong growth
 rates alongwith the India business.
 
 We have implemented a conscious strategy of emphasizing on power brands
 and key therapeutic areas
 
 Following the success of our transitioning exercise in India and the
 RoW markets, the Central Eastern Europe (CEE) and the Latin American
 region have also started reorienting the product pipeline to focus on
 core therapeutic areas. The Brazil subsidiary has initiated steps in
 this direction with the launch of a unique portfolio of cosmeceuticals
 and a new range of oncology products. We feel that by leveraging our
 expertise in the area of dermatology, respiratory and oncology these
 regions will also be on the path of sustainable growth.
 
 Innovation and Beyond
 
 Our R&D business, which is without a doubt the crown jewel of the
 Company, has an innovation pipeline that is stronger than ever before.
 The purpose of our research efforts is to develop and bring to market
 our own novel molecules in areas of unmet medical needs, which will
 propel us into the league of truly successful innovative companies in
 the pharmaceutical industry worldwide.
 
 The purpose of our research efforts is to develop and bring to market
 our own novel molecules in areas of unmet medical needs 
 
 By out-licensing GRC 15300, a novel molecule indicated for pain
 conditions to Sanofi for USD 325 Mn and receiving an upfront payment of
 USD 20 Mn, we have once again reaffirmed our capability of doing
 research at the cutting edge.
 
 The successful completion of the Phase III studies of our in- licensed
 product Crofelemer in the US for HIV associated diarrhea is further
 proof of this. The Phase III studies on Crofelemer will pave the way
 for the launch of the first innovative product across 140 markets where
 we have the exclusive marketing and distribution rights.
 
 Meanwhile, we continue to bring novel first-in-class compounds to the
 clinics and in this financial year we announced the discovery of two
 novel compounds - a New Chemical Entity (NCE) and a New Biologic Entity
 (NBE).  Both are potential first-in-class molecules. The biologic
 molecule GBR 401 is a monoclonal antibody (mAb) indicated for Leukemia
 and Lymphomas. It is our first molecule discovered for oncology and
 marks an entry into a very challenging area that is a big concern area
 around the world.
 
 At the same time, we are clear that if we are not first-in-class or
 best-in-class we will not pursue the program. Thus we announced our
 exit from the diabetes research area as the new regulations which have
 come into the fore in the US will make researching diabetes molecules a
 more prolonged and costlier exercise.
 
 Quality
 
 During the financial year, your Company began the process of putting in
 place a global quality system which will enable us to service every
 market with a global quality protocol.  This is an intensive effort but
 a proactive one from your Company. We envisage that in the near future
 as governments demand the best for their citizens, we need to be
 proactive and put such an initiative in place before legislation is
 enforced.
 
 Our Business and Society
 
 While your Company continues to make sustained investments into its
 business, I am proud to share our efforts at strengthening our
 commitment to the environment and our engagement with society, all of
 which indicates that your Company takes not just its business seriously
 but also invests and takes pride in being a responsible corporate
 citizen. The Company received ISO 14001 -the environment certification
 for the formulations plant at Colvale, Goa. Simultaneously, the Company
 continued its investment in upgrading its environment standards across
 all plants.
 
 Another major initiative is the Companys commitment to the community.
 While in the past, Glenmark made substantial donations to various
 causes, the Company has now decided to invest in specific areas where
 it will make continuous investments. In the past year, Glenmark began a
 number of projects which focused on sustainable livelihoods. All our
 initiatives have been well received by the communities that we work
 with and this is a matter of great pride for our organization. In this
 financial year, your Company will invest in the area of child health
 which is a global concern. In this financial year, we hope to adopt
 about 300 villages in India where statistics of child mortality is the
 worst in the country and we will facilitate a collaborative effort
 between the social sector and the establishment to significantly
 improve child health in these areas.
 
 Future Outlook -
 
 Looking forward, I am happy to say that we have put in place structures
 for growth for the next two financial years and we have already begun
 preparing for FY 14 and beyond.
 
 In the short term, we will continue to build a pipeline that has a
 strong focus in Dermatology, Respiratory and Oncology worldwide. This
 will ensure sustained growth for the next few years at the branded
 generics and generics fronts.
 
 Our strategy for the long-term (beyond 2015) is to have a basket of
 innovative molecules with high market potential.  This is where our
 drug development capabilities would put us in good stead. So while
 there is talk that the generic pipeline will dry after 2014, I would
 like to mention that your Company has initiated plans to enter new
 areas that shall fuel its growth beyond 2015.
 
 Our strategy beyond 2015 is to have a basket of innovative molecules
 with high market potential
 
 In addition to our novel R&D efforts, we are also building capabilities
 in the bio-similars space and a global respiratory franchise.
 
 Although regulators are still evolving with reference to biosimilars,
 we are stepping up our efforts in order to capture this opportunity.
 Bio-similars will definitely challenge generic companies as the
 competencies for bio-similars is very different from manufacturing
 generic medicines.
 
 The focus for us is that we need to put in place structures that will
 deliver us sustained growth year on year. While we continue our path
 breaking work on the innovative R&D front with first-in-class novel
 chemical and biologies entities. At the same time, we are building a
 model that will enable the Company to grow year on year in the branded
 generics, pure generics and the API space. Most importantly we would
 like to grow profitably, thereby enhancing shareholder value at all
 times. Our pursuit of launching the first innovative molecule by an
 Indian company remains and we have taken a step forward by doing a
 licensing deal in this financial year.
 
 We remain committed towards becoming a leader in drug discovery
 research and being among the leading generics companies in the world
 and I am confident that with your support we will achieve our goals in
 the not too distant future.
 
 
 Regards
 
 
 Glenn Saldanha
 
 Chairman & MD