On behalf of the Board of Directors and the Merck team, I would like to thank you for your continued confidence and support, which has helped us complete a successful year with a solid top and bottom line growth. This has come at the backdrop of us earning the title ‘Top Employer 2016’ in India - as rated by the Top Employer Institute. On our 50th year of incorporation in India, this is a true testament of our culture of performance and innovation, with people centricity.
Your company generated a healthy profitable growth despite facing headwinds on account of price control, regulatory challenges and intense competition from local and multinational companies. The Government’s demonetization initiative arguably slowed down consumption and we were not immune to the effect, however, we were able to successfully navigate through the challenges and minimize the impact to the company. In addition, various market and regulatory dynamics have tested our ability to adapt and respond. Therefore, we have already implemented steps to optimize our business model by leveraging our high quality product portfolio, cutting edge technology offering, strong brand equity, large customer base - and all this while staying committed to the highest ethical and compliance standards.
The excellent performance of the company in an environment of such fast paced changes is indicative of our stable business model and the hard work from our team across the country. In addition, our partners in the supply chain network, including dealers, distributors, carrying and forwarding agents, and suppliers have also been instrumental in delivering the growth story. I would like to express my sincere gratitude to our employees and partners for their commitment and passion which has yielded the robust business results.
The exciting new brand positioning of Merck at the start of the year has brought us closer to our customers. As a vibrant science and technology company, we have reached out to various stakeholders through our business activities, social responsibility efforts, continued medical education, responsible manufacturing practices, through various industry forums and the media.
Within our businesses, the Consumer Health business has climbed to become one of the largest VMS players, with flagship brands such as Neurobion, Polybion and Evion growing twice above the category growth. The Cardio Metabolic Care business continues to deliver above market performance, growing at over 15% vs the covered market in a highly competitive and generalized market dominated by Indian companies. In our Pigments business, India’s top car manufacturers have chosen our premium pigments, Meoxal and Xirallic as a preferred coating material for some of their popular models, thereby driving our prospects even higher in the automobile industry.
Our manufacturing site in Goa has effectively maintained the safety and sustainability records while delivering to the challenging needs of the business. A commendable testament to this is the Gomant Sarvochcha Suraksha Puraskar awarded to the site, second year in a row for maintaining an impeccable safety record.
Looking ahead, our business prospects remain positive. There are exciting market opportunities ahead of us, and we have taken measures to manage through challenges. Our continued focus on people, performance and technology will propel our strategy to drive profitable growth, and as a result, delivering value to all our stakeholders.
I am confident that you share our passion to harness the opportunities that lay ahead, and seek your continued support and guidance in leading the company.
Sincerely, Anand Nambiar