Key highlights

• FY'12 was not a satisfactory year for the company as what was planned for regarding the domestic formulation business together with scale up of international business, did not go as planned by the management.

• During FY'11 and FY'12, management also increased and rationalized its workforce, which resulted in higher costs and dented the margins.

• Management is extremely positive on domestic formulation business, as what was planned for FY'12, now will come in FY'13. Together with this with 12 new product launches in FY'12 and further planned for in FY'13, domestically things will come back.

• On international subsidiary, of the 5 wholly owned subsidiary which the company has, US will be in black by FY'13. US market is doing well and all the business needs to breakeven is better volumes. As far as other subsidiaries are concerned i.e. South Africa, UK, Brazil and the Ireland, management mentioned that it will take some more time for the business to develop in these markets.

• Management has indicated that in 2 years from now, all the subsidiaries will be in better position in terms of sales and profits.

• Going forward, the company wants to increase its presence in API business. Here the focus will be more on developing the CRAMS business.

• In all, management continues to remain optimistic about FY'13 in terms of sales and profits and all the subsidiaries will turnaround within 2 years.