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It gives me great pleasure to report the fact that we saw another year of impressive growth. Financial year 2018-19 saw us accomplish higher sales across all our business segments and geographies. Essentially, we were able to reap the fruits of investments we made in our products, markets and processes, and we will continue to strengthen our capabilities to cater to the requirements of patients globally.
The upswing in global economic activity that began in the last quarter of 2016 continued to persist until the middle of 2018, resulting in the highest degree of synchronized global expansion during the post-crisis period. However, the momentum soon began to lose its steam, amid broad-based moderation in activity across developed and emerging economies.
Economic growth remained tepid in key economies such as the Euro zone, Japan and China. As a result, global economic growth slowed from 3.8% in 2017 to 3.6% in 2018. The outlier was the US economy that expanded at 2.9% in 2018 vis-a-vis 2.3% in the previous year.
Notwithstanding global headwinds, India continued to be in the esteemed club of the world''s fastest growing economies, although the growth trajectory declined from 7.2% in 2017-18 to 6.8% in 2018-19. While the slowdown in various economies delayed investment decisions, the pharmaceutical industry itself grappled with multiple challenges.
I am happy to share that despite increased competition, we maintained sustained growth over the last few years across businesses, regions and segments. For 2018-19, our consolidated revenues increased by 18.6% to C195,636 million following strong growth across all key regions, including the US, Europe and other Growth Markets.
Our EBIDTA before forex and other income grew by 4.3% to C39,519 million, while the EBITDA margin stood at 20.2%. Our net profit for the year amounted to C23,647 million, leading to an EPS of C40.36.
We have grown ahead of the sector over the last few years, and are confident that with the capacities that we have added organically and inorganically, we will continue to sustain this momentum, going forward.
Our confidence emanates from the fact that we have always taken a long-term view of the sector while making our acquisitions and investments. While most of our acquisitions have strengthened our revenue and profitability from the very first year, the idea behind acquiring them was more strategic in nature as it helped us foray into a new geography or business segment.
As a Company, we were extremely judicious in terms of the value paid to acquire an asset. While we came across multiple assets that could have added value to the Company, we have always been cautious about choosing only those assets that have been reasonably priced.
It is our ability to acquire businesses at reasonable prices and then turn them around quickly that has helped us build a formidable presence in multiple international markets.
The industry is seen growing at 3-6% over the next five years to reach US$ 1.5 trillion by 2023. Within the industry, specific areas such as specialty medicines and biosimilars are seen growing at a faster pace.
Aware of the dynamic operating landscape, we have already invested in developing our expertise in multiple areas including large molecules. We have been working on attaining the required capabilities and building the relevant infrastructure to foray into areas, where we foresee substantial growth.
As one of the leading global pharmaceutical companies, it is increasingly important for us to upgrade our manufacturing and compliance systems. Over the years, we have continuously invested in improving processes and systems to create key differentiators that set us apart, and also allows us to stay ahead of the curve in terms of manufacturing practices and compliance.
We are excited about the opportunities that lie ahead of us, and our research & development efforts across multiple new products and therapeutic areas, along with the newly added capacities have helped us build a strong foundation; and we are ready to LEAP ahead.
We work with people from diverse nationalities and cultures, which help us in being the most valued partner to the global pharma fraternity. It also testifies to the fact that we are driven by meritocracy and have been able to provide our people with an enabling environment that promotes professionalism.
As a leading industry player, we are aware that our initiatives have a far-reaching impact on multiple stakeholders, communities and the environment. Recognizing this responsibility, we are adopting industry-leading sustainable practices and ensuring that we remain at the forefront of initiatives such as dealing with the challenge of Anti-Microbial Resistance (AMR).
Whether in making business decisions or participating in initiatives that impact the environment and the community, we have always been thought leaders and followed our thoughts with fast-paced execution.
Before closing, I must share that our culture and mindset will help us LEAP ahead to the next growth level. I thank all the stakeholders for their continued trust and support.
K. Nithyananda Reddy