Dear Shareholders,
It is our privilege to write to you and present the 15th Annual Report for financial
year 2021-2022.
The shares of the Company are listed on SME platform of Bombay Stock Exchange w.e.f.
June 28, 2021. This is the Second Annual Report of the Company post listing. The last year
has been full of challenges and it's with great pride I wish to inform that all of us have
overcome the challenging times and have successfully overcome the pandemic and are looking
at prosperous times ahead all around. I hope you and all other members of your family are
safe and continue to be in good health.
At the outset let me begin by extending my heartfelt gratitude towards the medical
fraternity and governments across the nations for their profound contribution and
resilience during the pandemic. A lot has been done and accomplished towards the disaster
management and addressing the economic disruptions which took place. Timely roll out of
vaccinations, stringent measures to curb the spread of the virus and effective medical
recourses offered to patients have helped the world in gradually coming close to normalcy.
I would like to thank and compliment all our employees, channel partners and vendors who
continued to conduct business ensuring that the medical demands of business and consumers
were catered to in this critical period we all went through.
Last two years have been unpredictable at all levels due to COVID-19, while it exposed
business and economies to unprecedented challenges; it also accelerated demand of medical
devices had instruments across the globe. The 5.9% growth in global and more than 9%
growth of the Indian economy reassures of the improving times.
During a year where most business were affected by the pandemic induced challenges
along with the UKRAINE-RUSSIA war we continued to deliver performance and managed to stay
in profit and lot lose out on revenue despite the unprecedented rally in all raw materials
which were up between 40% to 250%.
The unprecedented rally in raw materials in the second half dented our margins. Since
most of our business is on fixed prices which we tendered to before the war broke out
leading to the rally in raw materials we couldn't escalate prices.
As we look into the future, it is clear that businesses are attempting to unlock their
true potential. Our main focus right now is to organize and prepare ourselves better for
the future. Our goal is to leverage innovation in the medical field and model our business
to help brands, entrepreneurs and channel partners to address the requirement of our vast
and diverse set of customers. To make our products available faster, more efficient and
set up a highly optimized value chain to eliminate any medical friction.
We value the power of relationships immensely to bring meaningful and sustainable
shifts that offer quick responses to dynamic market changes deliver better customer
experiences and most importantly improve operational efficiency.
Aware of these dynamic realities, we have strategically focused on transforming our
business model from traditional to a flexible, customer choice model. While our
transformation began pre covid, the implementation has definitely started post covid after
being catalyzed with the challenges imposed by the pandemic. Our omni channel approach
allows us to cater to the ever evolving customer preferences.
In the coming times we shall continue to focus on integrating new age technology with
improved tracking analysis to ensure better understanding of consumer behavior patterns.
Our efforts are to leverage our capabilities and operations to establish leadership in our
products, build consistent best practices, share talent and improve efficiency for break
our success in every one of our locations.
It is with great responsibility that I share with you that we have embedded
sustainability as a strong pillar of our strategic go forward approach. Our commitment to
sustainability is at the core of our actions.
Your support and encouragement are critical to the success of our company. The board
and the executive leadership recognize their responsibility towards delivering value in
your investment in us.
I wish to express my appreciation for the support that we continue to receive from our
banking and financial community. Our auditors provide us with invaluable advice and I
would like to thank them for their support.
Our Diversified and highly experienced Board members are a great source of strength to
us and I deeply appreciate the collaboration and guidance that we receive from them.
On behalf of our Board and my team members I would like to thank all our shareholders
for the trust and confidence that you continue to repose in us.
We are in the midst of shaping our future to become a more admired organization, one
which is built on excellent capability, great culture and authenticity. By all counts it
promises to be an exciting, meaningful and fulfilling journey for each of us.
On the back of an extremely successful past, we believe we are just getting started.
STAY SAFE.
SD/-
Siddharth Mulchand Talati
Managing Director
[DIN: 01748038]