Albert David Ltd

Dear Shareholders,

I am pleased to present the 85th Annual Report of Albert David Limited (ADL), a trusted Pharmaceutical Company with over 8 decades of successful operations. It is the flagship company of the prominent and highly diversified ‘Kothari Group' headquartered in Kolkata with operations across India and overseas.

2024 begins at a critical and delicate juncture. While the global economy has managed to stave off recession, albeit narrowly, it has su_ered significant volatility and unpredictability during the past year. Devastating conflicts have stoked geopolitical fractures, economic fragmentation, and financial turbulence. The latest Economic Survey forecasts India's GDP growth at a healthy 7.6% to 7.8%. Amidst a challenging global scenario, India has emerged as a significant economic and geopolitical power. Its actions in the coming year could lay the groundwork for the country to become the world's third largest economy in the next five years and a developed nation by 2047, setting an example on inclusive, sustainable economic growth, digital development, and climate inprovement.

Your company, under the able guidance of Mr. Umesh Manohar Kunte, a Pharma Industry veteran with over 3 decades of experience in domestic as well as international markets, will reach new heights. The Leadership Teams, all ADL Colleagues, and the highly enlightened Board of Directors have taken all necessary steps to grow the company through a multi-pronged approach of efficiency, agility and stability. Various new initiatives are being taken up by your company to augment its' business at a fast pace, following the best practices, and ensuring all compliances and responsibilities towards the society at large.

Your Company has registered a 6.12 %+ growth over the previous year in terms of sales, and has also posted the highest ever profit in its history. It has honoured all commitments towards all its' stakeholders.

In continuation of Albert David Limited's steady dividend policy, performance during the year, and outlook for the future, the Board has proposed a Dividend of Rs.11.50/- (115%) per equity share of Rs.10/- each for the financial year ended on 31st March, 2024, vis-?-vis, Rs.9.00/- (90%) paid in the previous year.

The Indian pharmaceutical market is on the brink of significant growth, fueled by an escalating disease burden, supportive government policies, and heightened health awareness among citizens. This market, encompassing prescription drugs, over-the-counter medications, vaccines, and biologics, is set for considerable expansion, bolstered by India's large population and enhanced healthcare access. As a renowned global center for generic drug manufacturing and with increasing R&D investments, the market is experiencing robust growth. Government initiatives aimed at improving healthcare a_ordability and infrastructure further boost this sector. The market's segmentation reveals a diverse product range, with pharmaceutical drugs being the predominant segment and a strong emphasis on conventional products, highlighting traditional manufacturing and research practices. With a comprehensive presence across the country, the Indian pharmaceutical sector is responding to the varied healthcare needs of its population, driven by growing healthcare awareness and government support. As an industry, we have matured a lot, and it is time for us to take giant steps to attain self-sufficiency in the global arena.

On behalf of the Board of Directors, we would like to thank our stakeholders for their continued trust and support. Together with our customers, employees, partners, suppliers, and investors, we will continue to create superior value for all our stakeholders by balancing the needs of society, the economy, and the environment.