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Company : CEO's Message
Dear Shareholders,

Emcure is committed towards growth and excellence, as well as product innovation and quality. By remaining strong on these attributes, your company concluded FY15 with impressive financials and growth. As your company reaped benefits of its previous years' strategies, it made the most of opportunities that came its way. With an aim to create long-term value for its shareholders, your company revamped its business operations, entered into new partnerships, appointed senior team members and expanded the breadth of its product portfolio. I am proud that your company has consistently exceeded its projections and expectations, and I am hopeful that it will continue to do so in the coming years.

On the overall business front, FY15 was a momentous year for Emcure. Your company showed a remarkable sales performance and reported a 30% jump over last year sales, with an impressive PAT growth of 38% over last year. This performance is primarily attributed to its expansion of operations in the regulated markets, new product launches in the US and growth in product offering in the domestic markets.

Emcure is ranked 13th as per IMS [Source: IMS TSA Mat March'2015] and 11th as per AIOCD [Source: AIOCD MAT Mar'2015] in terms of sales in the domestic market. Emcure's domestic market business has grown at 18% growth rate in the past 5 years, when market grew at ~13% during the same period. Despite the various market restraints like DPCO to regulate prices of essential drugs, weak patent regulations, inventory control mechanisms and Indian economy still recovering from a down phase, your company continued to perform remarkably. As your company maintained strong position in its existing therapy areas, it also scaled its business in new therapies like Oncology, Diabetes and CNS. Emcure also expanded the width of its product offering in Indian market through new product launches, acquisition and in-licensing arrangements.

I am happy to report to you that, Emcure successfully concluded the acquisition of seven brands for Indian market from Sun Pharmaceuticals this year. Emcure's domestic portfolio will be significantly benefited by their addition and will add to its top line and profitability.

Extending its alliance with Sanofi, your company entered into agreement to exclusively market Sanofi's four oncology products in the Indian market making Emcure's footing in the high growth Oncology therapy area even stronger. Sanofi has also partnered with Emcure in marketing and distributing, Lactacyd, its female hygiene product in India and Nepal. Emcure's string of alliances with MNC's such as Sanofi, Roche, BMS and Novartis, is a symbol of its deep seated marketing and distribution expertise, and delivery excellence.

Emcure's business in the US market (now fully integrated under the Heritage umbrella) has also done exceptionally well. There has been a growth of 32% from the previous year. As on 31st March 2015, Heritage has commercialised 52 products, including 13 injectables and 39 solid oral products under various therapy areas and strengths. Over the past year, Heritage has successfully expanded from being primarily in retail market, which comprises of national drug wholesalers, distributors, cooperatives and chain pharmacies to now also into the institutional side, such as contract tenders with national Group Purchasing Organizations ("GPOs").

In the US market, Emcure has maintained a strong pipeline of differentiated and complex injectables and specialty therapies, which will provide your company a better placing in the US market. Emcure has also formed a global compliance cell that will handle all the compliance related issues and help ensure that all regulatory responses are expedited.

To ensure long-term success, your company has actively invested in technology and created a strong research arm. As your company scales-up its operations it becomes essential to create a differentiated product offering with high operational efficiencies. Your company has a strong presence in complex product research like iron preparations, polymer based chemistry and peptide chemistry and has made advances in the field of new drug delivery systems. During the year your company ramped up its operations at its Ahmadabad based R&D facility, to augment its Pune based R&D operations.

Following the acquisition of Tillomed Laboratories, through its subsidiary, Emcure Pharma UK Ltd., Emcure has ambitious expansion plans in EU/ UK markets. Along with a large product portfolio, Tillomed brings along the market expertise to promote Emcure's products. In the first year of Emcure's ownership, Tillomed has experienced promising sales growth. This is planned to accelerate next year, as additional products arrive from Emcure, and under Emcure's guidance from other Indian manufacturers.

Emcure also ramped up its Rest of World operations during the year. It has streamlined its processes and addressed capacity concerns, with an aim to meet the increasing RoW markets requirements. Your company's products are sold in more than 65 countries through its subsidiaries in Nigeria, Dubai, Australia, South Africa, Mexico, Peru and Brazil, and branch offices in Russia, Kazakhstan, Vietnam and Morocco. In the LATAM region, your company incorporated new subsidiaries in Peru and Mexico. These subsidiaries would help Emcure in expanding its operations in the region in cardiovascular, analgesics, oncology, HIV, nephrology, and biosimilars therapy areas.

Emcure maintains that to support world class operations, quality is of utmost importance, and therefore, it is our constant endeavour to implement necessary improvements to Emcure's manufacturing operations. Owing to the recent expansion of Emcure's world-wide operations, your company's existing manufacturing capacity needs to be scaled-up. To this end, your company has broken grounds to establish a new manufacturing facility in Sanand, Gujrat (which will be similar in scale to Emcure's Hinjwadi, Pune campus) to cater to the regulated markets. There have also been ongoing capacity expansions in your company's existing API and formulation plants, in order to debottleneck operations as well as increase capacity.

I look at FY15, as a year when your company prepared itself for a bigger leap. Emcure has quickly moved from being a domestic player to marking its presence in the global pharma arena. The overall business has maintained strong financials and its performance on its many fronts has been exemplary. Your company has reinforced itself with great future strategies, a strong team of managers and choicest portfolio of products worldwide. I am confident these actions will help us garner even better accomplishments in the future years.

I attribute a great part of this success to my fellow Emcureans. It is through their dedicated efforts, innovative ideas and continuous support that your company has challenged its own limits and scaled a new summit of success each year. They deserve my gratitude for making Emcure the company that it is today.

I would also take this opportunity to extend my appreciation to you all our bankers, our customers, our channel partners, and associates and above all, our shareholders for all your support and faith in Emcure.

Thank you

Yours Sincerely

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