Dear Shareholders,
The fiscal year 2023-24 was a challenging year as the world continued
to go through significant changes. The pandemic led to severe supply chain disruptions,
which in turn caused an economic slowdown, particularly in developed markets. Just as
early signs of stability were beginning to surface, the escalation of military conflicts
this year has further exacerbated these disruptions, continuing to strain global supply
chains. After a couple of years of recessionary fears, persistently high inflation, and
unprecedented monetary tightening, the global macro-outlook looks relatively better now
with improving growth, disinflation, and monetary easing in sight.
However, Beta has continued to march forward. The company consolidated
revenues from operations for FY24 increased by 30.2% to Rs 296 crores from Rs 227 crores
compared with the same period a year ago due to growth across all its segments.
Consolidated EBITDA came at Rs. 61.4 crores while EBITDA margins stood at 21%. The
decrease in margin was primarily driven by two factors one was a loss of Rs 4 crore in
cosmeceutical division and second was due to higher raw material prices for Platins
because of global price rise in gold and platinum prices.
Net profit too grew by 19% to Rs 36.4 crores from Rs 30.7 crores
compared with the same period a year ago. Beta continues to be net debt free. Cash &
Cash Equivalents are in surplus by Rs. 18 crores over the borrowings which was Rs 3 crores
in the last financial year. In addition, its new Cosmeceutical division has become
marginally profitable.
Beta continues to be among the fastest growing scaled up companies in
Indian branded oncology pharma market. The company's focus on novel delivery and
formulation development innovation has helped to establish differentiation in the Indian
market. The company remains on track to be among top five players in the next couple of
years
Going forward, Beta's top priority would be to improve and
strengthen our position in the Indian oncology market, expand our presence in Latin
American and other developing markets while continuing to focus on improving our backward
integration. Beta's strong R&D engine with differentiated offerings including NDDS and
FTL/ FFTL pipeline which will help drive strong growth over many years to come. The
Company continues to invest aggressively in R&D, talent and product dossiers which
will help accelerate growth going forward.
While the company expects revenues to double in the next three years it
does not foresee any major capex for the same period. We expect significant operating
leverage to payout which will lead to expansion in our operating margins.
On behalf of the Board and management, I would like to thank our
shareholders, customers, distributors and other stakeholders for their continued support
and trust. And a special thanks to all our employees for their sheer hard work and
commitment, which has helped the company to become a leader in the Oncology segment.
It is an honor to serve you all.
With Warm Regards
Sd/-
Rahul Batra & Varun Batra Chairman & Managing Director Joint Managing Director