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My Dear Shareholders,

On behalf of the board of directors, I welcome you all to this 34th Annual General Meeting. I am sure by now you have reviewed the Annual Report and the financial performance of your company for the year 2006-07.

I am happy to inform you that your company has registered consolidated turnover of Rs. 1292 crores for the year 2006-07, which is a growth of 29% over previous year. The key domestic branded formulations business saw a robust growth of 25% to reach Rs. 557 crores and international business grew by an impressive 43% to reach Rs. 615 crores. The share of international business reached 47% during the year 2006-07 compared to 43% in the year 2005-06. I feel proud to inform you that your company has recorded a net profit of Rs. 94 crores as against Rs. 51 crore registering a staggering 84% jump over the previous year.

The good performance has reflected in an increase in dividend distribution for the year over the previous year. The dividend rate was increased by 10% from 50% to 60% and dividend of Rs 3 per share was distributed during the year.

Our manufacturing facility at Baddi in HP is now fully operational and is catering to the domestic market requirements. To further support the robust growth, your Company has undertaken capacity expansion by 30% in tablet formulation over there. A new vial-filled manufacturing facility with a capacity of 260 lacs vials per annum is being built at the Chattral facility site in Gujarat. The infrastructure at our research center too has been expanded. This will give an impetus to our research activities and will help your company introduce new products in the coming years.

Your company received the USFDA approval for the API and formulations facilities at Chatral facility. Three ANDAs have been approved by USFDA.

Let me now share with you the outlook for the coming year. Our international operations are expected to continue with its buoyant performance in the current year. Operations in Brazil & Russia are expected to contribute significantly with continued high growth performance. Heumann is adapting to the structural changes in the German market with a clear goal of breaking even in 2008-09. The Company is expected to commence marketing of its products in US and further submit 14 ANDAs & 9 DMFs during the current year. To expand its base in fast growing Latin American market, your Company incorporated a subsidiary in Mexico. The subsidiary will carry out market development activity during the year. Back home, domestic operations of your Company is all set to scale even greater heights. Your Company has a healthy pipeline of new products that will be launched during the course of the year.

During the first quarter the company has posted VAT adjusted sales growth of 22%. Operating margins also grew in line with the sales. Key territories continued to perform well.

Considering the growing concern over the rising health care cost in the western world, developing countries like India offers tremendous cost advantage thanks to their lower cost of manufacturing and the vast pool of talented workforce. With more and more blockbuster drugs going off patent in the coming year, your company is well placed to exploit these opportunities. Your company anticipates need for manufacturing capacity expansion in the near future to cater to the growing demand. With this in mind, the Company has acquired about 22 acre land in the upcoming pharma specific Special Economic Zone near Ahmedabad.

Your Company is also looking for the opportunities for inorganic growth and keen to explore niche acquisition opportunities in domestic as well as international market.

Lastly, I would like to extend our sincere gratitude to all our stakeholders including the medical fraternity, our customers, our business partners and every body who has trusted our products and us. I also thank the various central and state government bodies, the financial institutions and all our employees for supporting us in all our activities and help us grow further.

I thank all of you for attending this meeting and encouraging us with your presence.

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