Ind-Swift Laboratories

We recorded a total of Rs. 588.14 Crores in revenues, a 29.25% growth
 over previous years revenue of Rs. 455.04 Crores. The net profit of
 the Company also jumped from Rs.31.2 crores to 39.79 crores in 2008-09.
 With a top line growth of 29.25% and bottom line growth of 28.27%
 Ind-Swift is on the path of accelerated progress as our resolution to
 succeed and deliver on multiple fronts is gradually bringing our goals
 well within our reach.
 
 In the coming fiscal 2009-2010 the benefits of the expansion we did in
 the past will begin to kick in. We are on course to capitalize on the
 significant opportunity that exists for our newly focused product
 portfolio, drive more costs out of the business and secure sustained
 profitability.
 
 Today 9 out of the 18 plants of the Company are FDA compliant. We
 expect 3-4 USFDA approvals in next three years. During the year we
 launched new drugs like Cinacalcet, Duloxetine, Mecloxamine citrate,
 Atomoxetine, Exemestane, Ezitimibe, pregabalin, Ranolazine, Telmisartan
 & Posaconazole.  Accreditions and New products shall provide additional
 momentum to our growth.
 
 Ind-Swift is fast evolving towards a business model that is focused on
 deep-rooting our domestic presence and simultaneously leveraging
 high-value mature regulated markets along with high growth emerging
 markets. We have raised the bar for ourselves and are working to be our
 customers best supply chain partner. We improved our income stream, as
 well. While we at Ind-Swift have always been a research led
 manufacturer and added several products that have created a niche for
 themselves, we stepped up our focus to develop our contract research
 market and commenced working on joint research with leading
 institutions which will develop the required skill sets for working for
 the MNCs. We see this business growing at an accelerated pace offering
 downstream benefits over the long-term.
 
 Our core business of being a manufacturer of active pharmaceutical
 ingredients grew strongly, our people performed exceptionally well and
 we invested heavily in research and development to ensure an enduring
 future. While we have always been known for our expertise in handling
 complex chemistry and for our product quality, we enhanced the quality
 of service by executing on committed delivery time, transparency in
 operations and being flexible to customer needs. The development of
 complex APIs with global reach is one of the key building blocks that
 have earned us a distinct image in the marketplace. Going forward, we
 are determined to leverage our unique features to achieve higher growth
 rate, in-line with our
 
 corporate vision.
 
 The strength of our products and services and our growing reputation
 are key to our future. We are building on them by focusing increasing
 amounts of energy and resources toward our marketing program. Our
 strategy is to effectively use every rupee and dollar, allocate the
 appropriate amount of marketing spend and achieve superior returns from
 such investment. The largest pharmaceutical market in the world, the US
 holds a prominent position in our regional portfolio Replicating our
 success in the US, our eyes are now set on Japan which is second
 largest market after USA and Europe. With our creditable reputation
 established in the US market place, the Company is aptly geared upto
 ride on the opportunities presented by these markets. In this effort,
 over the last two years, the Company has completed a significant number
 of filings in the PAN European market and anticipating product launches
 upon patent expiry.  We firmly believe that long-term business success
 is possible only through policies and practices that aim to create
 value while maintaining economic, social and environmental
 sustainability. Our commitment to environment is an integral part of
 our business plan. We believe that only by caring the nature and the
 people in our neighborhood that we can successfully realize our mission
 and our strategic goals in the long term.
 
 Our growth will depend in the long-term on the depth and breadth of our
 research capabilities, on our pipeline of new products in various
 stages of development and on the improvements we have made for
 accelerating new launches. Today we operate in competitive demanding
 and dynamic markets, in which we need to distinguish ourselves through
 differentiated products. Our persistent efforts in nurturing and
 managing R&D Centre a centre for new ideas and innovations are enabling
 Ind-Swift to exhibit strong growth .
 
 We shall strive to file atleast 50 DMFs in next three years and add at
 least 3-5 new products every year We are looking only at those that
 make good business sense and that positions us well against competition
 in terms of higher levels of complexity, which very few can counter.
 
 R&D continues to play a pivotal role in the Company’s capability of
 commercializing new products. Its success in these markets has been
 truly innovation led. As an Indian Pharmaceutical Company, the
 Company’s ability to enter into the most Advanced markets and capture
 sizeable market share is testimony to Ind-Swift’s R&D, manufacturing
 and marketing expertise.
 
 We plan to keep moving up the value chain, not only extending our
 global horizons, but also in terms of value added products.  We
 envisage more
 
 innovation-led break through in the years to come.
 
 For us, moving up the value chain extends beyond just encompassing new
 geographies, to getting recognized and established in those markets.
 
 All this success comes about only when you have good people. With the
 high-quality senior management team that we have in place, we are
 confident of our capabilities to deliver all our stated goals. But the
 world never stands still . As we evolve as a more technological and
 global enterprise, we are seeking the best talent the world has to
 offer, setting our eyes for goods leaders beyond our own borders. Our
 overall people strength is also pivotal in meeting our goals. Every
 employee believes in the Company’s Vision and contributes towards
 attaining it. We maintain a Corporate culture that encourages
 development, be it of molecules or people. It fosters teamwork and
 encourages respect for dedication, loyalty and above all performance.
 
 Ind-Swift today is a well balanced, tightly managed, globally
 competitive organisation and will continue to profitably serve all
 stakeholders including patients, healthcare professionals, employees,
 business associates and shareholders. The Company is stronger today
 than it was at any time in the past, and we believe it has great
 potential for the future. We shall continue to foster value creation
 with renewed commitment and focus on long-term success to benefit our
 customers, employees and investors.
 
 V.K. Mehta                               N.R. Munjal
 Managing Director                        Vice-Chairman