Dear Members,

On behalf of the Board of Directors of the Company, it gives us immense pleasure in presenting the 30^th Board's Report, along with the Audited Financial Statements (Consolidated & Standalone) for the financial year ended March 31, 2021.

1. Financial performance

The Company has prepared the consolidated and standalone financial statements for the financial year

March 31, 2021, in accordance with the Indian Accounting Standards (Ind AS) as prescribed under the Companies Act, 2013.

Key highlights of financial performance of the Company for the financial year ended March 31, 2021 as compared to previous year is provided below:

(Figures in Million)

Notes:

* 1 USD = Rs 73.15 (Exchange Rate as on March 31, 2021) ** 1 USD = Rs 75.34 (Exchange Rate as on March 31, 2020)

# Standalone figures of previous year have been restated to give effect to the Scheme of Amalgamation between Strides Pharma Science Limited and its subsidiaries namely, Strides Emerging Markets Limited, Arrow Remedies Private Limited and Fagris Medica Private Limited.

2. Company's performance

F Y 2020-21 has been a difficult year for all of us COVID-19 posing significant challenges all through the year. The pandemic did have an impact on our people and business too. We are grateful to all our employees and their families for their dedication and commitment to the Company during this pandemic. We are deeply saddened by loss of few of our colleagues in the second wave of the pandemic. We continue to pursue a People First approach, giving top priority to the safety and wellbeing of our employees.

We have taken several initiatives to support our work force through these challenging times. We are providing financial support to secure honorable living for families of deceased employees due to COVID-19. We have introduced free vaccination program for all employees and their families. We have expanded insurance coverage for COVID-19 over and above the regular medical insurance offered by the Company. We are providing medical assistance for impacted employees and their families including hospital admissions and support for treatment. We have set up a 24x7 COVID-19 helpline assisting our employees with medications and counselling.

On the business front, we have delivered a healthy performance across all businesses amidst a tough operating environment. On a consolidated level, we have reported a strong financial performance during the year with 29% revenue growth to Rs 33,308 Million while our EBITDA grew 67% y-o-y to Rs 6,497 Million. EBITDA margins for the year was at 19.5 % expanding 450bps y-o-y despite a significant cost increase of Rs 1,293 Million from logistics and Failure to Supply, largely owing to COVID-19 related disruptions.

Our regulated markets business, which now contributes around 80% of revenues, has seen significant ramp up in FY 2020-21 growing 21% y-o-y in-line with the outlook we had provided during the year. Our emerging markets business witnessed a bounce back in FY 2020-21, albeit on a lower base.

Regulated markets

The regulated markets vertical comprising of businesses in the US and other regulated markets, including the UK, the EU, Canada, Australia and South Africa, witnessed an encouraging growth during the year.

Despite COVID-19 related headwinds and discontinuation of Ranitidine, regulated markets delivered a strong 21% y-o-y growth during the reporting year. With over 80% of Company's consolidated revenues coming from this market, it remains the key growth pivot.

While the US business contributes 60% of the regulated markets business, other regulated markets have gained a critical size and contributes to 40% of the regulated markets revenues. Growth in this business was driven by building frontend presence in key geographies, having strategic partnerships and leveraging existing regulated markets portfolio.

US business

The US business contributed Rs 15,936 Million (48%) to the total revenues of FY 2020-21, registering 17% growth over the last year. Our base molecules continue to witness healthy traction, new product launches and VA business have further bolstered our growth momentum for the US business, offsetting the price erosion impacts we faced in our portfolio. Winter portfolio continued to be impacted as there was no flu season in the US.

Other regulated markets

Other regulated markets delivered a strong performance with 28% y-o-y growth in FY 2020-21. It contributed Rs 10,700 Million (32%) to FY 2020-21 total revenues, with growth led by portfolio expansion and strengthening front-end presence. During the year, Strides witnessed a healthy ramp-up in the supply to Arrotex in Australia, driven by increased volumes and expansion of product offerings.

Emerging markets

Emerging market business includes Africa operations

(except South Africa) and institutional business. This business saw healthy performance in FY 2020-21 contributing Rs 6,672 Million (20%) to FY 2020-21 consolidated revenues.

During the year, the institutional business delivered healthy growth, benefiting from the successful commercialisation of TLD (Tenofovir, Lamivudine and Dolutegravir) in H2 FY 2020-21, albeit at lower gross margins. The Africa business returned to growth during FY2020-21 on a lower base with a sharper focus on supply chain execution.

Research & Development (R&D)

During the year, the Company continued to invest in R&D to build strong product portfolio for the global markets. R&D investment during the year were at Rs 1,106 Million. Since April 2020, Strides has filed 11 ANDAs and received the approval for 16 ANDAs in the US. Six products were launched during the year in the US market. Currently, the Company has 130 ANDAs filed with the USFDA, of which 100 ANDAs are approved. Filing momentum is expected to pick up in FY2021-22. For the other regulated markets, Strides had filed for 18 new products and approval has been received for 16 products during the reporting year. The Company shall continue to invest in R&D to enrich its portfolio in other regulated markets.

Outlook

In the near term the operating environment continues to be challenging and uncertain. The Company continues to adopt the ‘People First' approach to protect the health and wellbeing of its teams. Strides believes that the resilience within the organisation and the strength of its product portfolio will help to navigate these turbulent times. With a more focused approach and a sharper execution, the Company will continue to deliver a strong revenue and profitability CAGR with superior cashflows and return on capital employed over the next three years horizon.

3. D ividend for FY 2020-21

B ased on the Company's performance, the Directors are pleased to recommend for approval of the Members, a dividend of Rs 2.50/- per equity share (i.e. 25%) of face value of Rs 10/- each for the financial year ended March 31, 2021.

Dividend payout has been determined in accordance with the Dividend Distribution Policy of the Company. Record Date for the Dividend is Friday, August 6, 2021.

Dividend, if approved by shareholders, will be paid within 30 days from the date of approval.

In terms of Regulation 43(A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations), the Dividend Distribution Policy is available on the Company's website and can be accessed at http:// www.strides.com/investorcommitteboard.html

4. Transfer to Reserves

M ovement in Reserves and Surplus during financial year ended March 31, 2021, is provided in the Statement of Changes in Equity included in the Consolidated and Standalone Financial Statements (Refer Page 126 and 232, respectively).

5. Corporate Updates

During the year under review, your Company has undertaken the following key corporate actions:

A) Scheme of Amalgamations involving wholly-owned subsidiaries Amalgamation of Arrow Remedies, Fagris Medica and Strides Emerging Markets into the Company

During the year, Compay's direct/step-down wholly owned subsidiaries viz., Arrow Remedies Private Limited (Arrow), Fagris Medica Private Limited (Fagris) and Strides Emerging Markets Limited (SEML) (collectively ‘Transferor Companies') amalgamated into the Company pursuant to a Scheme of Amalgamation under Section 230 to 232 of the Companies Act, 2013 (Scheme).

Scheme received approval of the Hon'ble National Company Law Tribunal (NCLT) Bench of Bengaluru (for SEML) on May 28, 2020 and NCLT Mumbai (for the Company, Arrow and Fagris) on November 06, 2020.

Appointed Date for the said amalgamation was April 01, 2019 and Effective Date pursuant to the regulatory filing with the Registrar of Companies/ Ministry of Corporate Affairs is December 01, 2020.

Consequent to the Amalgamation, investments in the share capital of the Transferor Companies appearing in the books of account of the Company and its indirect wholly-owned subsidiary stands cancelled.

Proposed Amalgamation of Vivimed Life Sciences into the Company

In January 2020, Board of Directors of the Company approved the Scheme of Amalgamation for merger of its wholly owned subsidiary, Vivimed Life Sciences Private Limited (Vivimed) into the Company pursuant to the provisions of Section 230 to 232 of the Companies Act, 2013 (Scheme).

Subsequently, in October 2020, the registered office of Vivimed was shifted from the State of Telangana to the State of Maharashtra.

In view of the above, the Scheme was updated and an amended Scheme was approved by the Board of Directors of the Company on October 29, 2020.

the Appointed Date for the said amalgamation is October 01, 2020 or such other date as the NCLT or such other competent authority may direct in relation to the amalgamation of Vivimed with Strides.

The Scheme is subject to approval of the shareholders and creditors of respective companies and approval of the Hon'ble NCLT and other statutory/ regulatory approvals, as may be required. Procedural activities in this matter is underway.

B) Demerger of Strides Biopharma Business under Stelis

In February 2021, the Board of Directors of the Company in principle approved demerger of its biopharma business into Stelis and to list Stelis as a separate entity through a Scheme of Arrangement.

Driven by strong visibility in CDMO services and

Vaccine business, the demerger is expected to unlock significant value for Strides' shareholders upon Stelis' listing.

As part of the proposed demerger process, Strides shall distribute the shares held in Stelis to the Members of Strides at a swap ratio to be arrived at.

In order to explore various options of value discovery including listing of the biopharma business of the Company on a standalone basis under Stelis, the Board of Directors of the Company have formed a Committee of Directors who shall recommend the proposals to the Audit Committee, Committee of Independent Directors and Board including the Scheme, swap ratio and way forward.

The transaction is subject to consent of the Board of Directors, approval from shareholders, regulators, meeting customary closing conditions.

Further, given the significant value creation at Stelis, Strides' Board also considered retaining a minority treasury investment of upto USD 14 Million in Stelis, thereby enabling it to participate in the growth phase and to recoup capital.

The said minority treasury investment shall be made by a Wholly owned subsidiary of Strides on such terms and conditions as mutually agreed between Strides, WOS and Stelis.

C) Update on Stelis Biopharma Private Limited (Stelis)

Stelis Biopharma, the biopharmaceutical division of Strides was established to drive a global affordable biopharma business.

Strides along with other strategic shareholders have over the last many years enabled Stelis to build a world class biotech platform. Stelis is now getting into its growth phase and is witnessing strong customer traction for its CDMO offerings including Vaccines.

Key developments at Stelis during the year were as follows: Funding at Stelis

• During the year, Strides completed its committed investment of USD 40 Million into Stelis.

>• In March 2021, Stelis concluded a USD 155 Million Series B and Series C fund raise from existing and marquee long term investors as primary investment.

Funding round was co-led by Family office of Strides' Promoters and TPG Growth, one of the world's largest private equity firms, apart from attracting marquee international investors like Route One, Think Investments and the iconic Indian family office of the Mankekar's.

Proceeds under the capital raise shall be utilised to advance Stelis' growth and scale up its business model.

Secondary Placement at Stelis

• In addition to the above primary investment, TPG Growth also acquired majority of GMS' holdings in Stelis for about USD 40 Million.

6. B oard of Directors and Key Managerial Personnel of the Company As at the date of this Report, the Board of the Company comprises of Eight Directors – Two Executive Directors and Six Non-Executive Directors of whom Four are Independent Directors, details of which is provided below:

* KMP of the Company

At the 29^th Annual General Meeting (AGM) of the Company held on August 20, 2020, the following appointment/ re-appointment of Directors were approved by the Members:

1) Re-appointment of Mr. Arun Kumar (DIN: 00084845), retiring director, as a non-executive director effective April 01, 2020;

2) Appointment of Dr. Kausalya Santhanam as a Non-Executive Independent Director of the Company for a period of five years effective December 11, 2019.

3) Appointment of Dr. R Ananthanarayanan as a Managing Director & Chief Executive Officer of the Company effective January 9, 2020 for a period

4) Re-appointment of Mr. Badree Komandur as an Executive Director -Finance & Group CFO of the Company effective May 18, 2020 for a period of three years and approving his remuneration.

Except as stated above, there were no change in the Board of Directors and KMPs of the Company during the year.

Appointment, Re-appointment & Retirement by Rotation of Directors Re-appointment of Mr. Bharat Shah

Based on the recommendation of the Nomination and Remuneration Committee and Board of Directors on May 10, 2021, the Company has sought Members approval for re-appointment of Mr. Bharat Dirajlal Shah (DIN: 00136969) as an Independent Director of the Company for a second term of three years commencing from June 15, 2021 upto June 14, 2024, through Postal Ballot.

Remote e-voting for the said proposal ends on June 11, 2021. The Company shall publish the result of the same on or before June 13, 2021.

Retirement by Rotation & Reappointment of Mr. Deepak Vaidya

Proposal for re-appointment of Mr. Deepak Vaidya, retiring director, as Non-Executive Director of the Company shall be placed before Members of the Company at the ensuing AGM.

Your Directors recommend his reappointment on the Board of the Company.

Disclosures pertaining to Director being re-appointed as required under the SEBI Listing Regulations and Secretarial Standard on General Meetings issued by the Institute of Company Secretaries of India is provided in the explanatory statement to the Notice convening the 30th AGM of the Company for reference of the Members.

7. M eetings of the Board and Board

Details of meetings of Board and Board Committees held during the FY 2020-21 along with information relating to attendance of each of the directors/ committee members at meetings are provided in the Corporate Governance Report, which forms part of this Annual Report.

8. S hare Capital

A uthorised Share Capital

Authorised Share Capital of the Company as at March 31, 2021 is Rs 1,883,700,000/- divided into 188,370,000 equity shares of Rs 10 each.

There has been an increase in the authorised share capital of the Company pursuant to merger of direct/ indirect wholly owned subsidiaries viz., Arrow Remedies, Fagris Medica and Strides Emerging Markets (Transferor Companies) into the Company effective December 1, 2020 pursuant to a Scheme of Amalgamation under Section 230-232 of the Companies Act, 2013 (Scheme).

As per clause 10 of the Scheme, upon the Scheme becoming effective, the authorised share capital of the Transferor Companies shall be transferred to the Company and the Company's authorised share capital in terms of its Memorandum of Association and Articles of Association shall automatically stand enhanced from Rs 1,767,500,000/- divided into 176,750,000 equity shares of Rs 10/- each to Rs 1,883,700,000 divided into 188,370,000 equity shares of Rs 10/- each.

Accordingly, the authorised share capital of the Company was altered effective December 1, 2020.

Issued, Subscribed and Paid-up Share Capital

Issued, Subscribed and Paid-up Share Capital of the Company as at March 31, 2021, stood at Rs 896,809,640/- divided into 89,680,964 equity shares of Rs 10/- each.

There has been an increase in the paid-up share capital of the Company during the financial year on account of allotment of 115,500 equity shares consequent to exercise of employee stock options by employees.

9. Subsidiary, Joint Ventures and Associate Companies

Details of Subsidiaries, Joint Ventures and Associate entities as at March 31, 2021 are provided herein below:

During the year, Arrow Remedies Private Limited, Fagris Medica Private Limited and Strides Emerging Markets Limited merged into the Company effective December 1, 2020.

List of Subsidiaries, Joint Venture and Associate entities as at March 31, 2021 forms part of Form AOC 1, enclosed as Annexure 1 to this Report.

10. Accounts of Subsidiaries

In accordance with Section 129 (3) of the Companies Act, 2013, the Company has prepared a consolidated financial statements.

A statement containing salient features of the financial statements of the Company's subsidiaries, joint ventures and associate companies as required in Form AOC 1 is enclosed as Annexure 1 to this Report.

Discussion and Analysis

As per SEBI Listing Regulations, Corporate Governance Report along with the Auditor's Certificate thereon, and the Management Discussion and Analysis Report forms part of this report.

12. Employee Stock Option Scheme

During the year under review, Company had one Employees Stock Option Plan viz., Strides Employee Stock Option Plan 2016.

Statement giving detailed information on stock options granted to Employees under the Company's Employee Stock Option Plan as required under Section 62 of the Companies Act, 2013 read with Rule 12 of Companies (Share Capital and Debentures) Rules, 2014 and Regulation 14 of SEBI (Share Based Employee Benefits) Regulations, 2014 is enclosed as Annexure 2 to this Report and is also available at http://www. strides.com/investor-financial.html

13. Particulars of Employees

The statement containing particulars in terms of Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this report and is appended herewith as Annexure 3 to this report.

As per the provisions of Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees is to be provided.

However, in terms of the first proviso to Section 136(1) of the Companies Act, 2013, the Annual Report, excluding the aforesaid information, is being sent to the Members of the Company and others entitled thereto.

The said information is available for inspection up to the date of the ensuing AGM. Any Member interested in obtaining a copy thereof, may write to the Company Secretary in this regard.

14. Corporate Social Responsibility (CSR)

Strides' community interventions primarily focuses on Health, Education and Employability, which are projects in accordance with Schedule VII of the Companies Act, 2013.

CSR Policy of the Company is available on its website and can be accessed at https://www.strides.com/ corporate-CSR.html

A detailed report on the CSR activities undertaken during the FY 2020-21 is enclosed as Annexure 4 to this Report.

15. Loans, Guarantees or Investments

Details of Loans granted, Guarantees given and Investments made during the year under review, covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Note no. 39 to the standalone financial statements in the Annual Report.

Parties

All the transactions with related parties are in the ordinary course of business and at arm's length basis. Further, there are no materially significant related party transactions made by the Company which may have potential conflict with the interests of the Company.

Information on transactions with related parties pursuant to section 134(3)(h) of the Companies Act 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is attached as Annexure 5 to this Report.

All the transactions with related parties are disclosed in Note no. 44 to the standalone financial statements in the Annual Report.

Policy for Governance of Related Party Transactions is available on the Company's website at http://www. strides.com/investor-committeboard.html

S ecretarial Audit Report

M/s. Gopalakrishnaraj H H & Associates, a firm of Company Secretaries in Practice (Certificate of Practice No: 4152) is the Secretarial Auditor for the Company.

The Secretarial Audit for the FY 2020-21, inter-alia, included audit of compliance with the Companies Act, 2013 (Act), and the Rules made under the Act, SEBI Listing Regulations amongst others.

The Secretarial Audit Report does not contain any qualifications, observations or adverse remarks and is enclosed as Annexure 6 to this report.

Statutory Auditors

M/s. B S R & Co. LLP, Chartered Accountants (Firm Registration no. 101248W/ W-100022) were appointed as Statutory Auditors of the Company for a period of 5 years at the 26^th AGM of the Company to hold office till the conclusion of the 31^st AGM of the Company.

The Auditors Report for the financial year ended March 31, 2021, is enclosed along with the financial statements in the Annual Report. The Auditors Report for the year ended March 31, 2021, does not contain any qualifications, observations or adverse remarks.

Internal Auditors

M/s. Grant Thornton Bharat LLP (formerly known as Grant Thornton India LLP) are the Internal Auditors of the Company.

During the year under review, Internal Auditors were satisfied with the management response on the observations and recommendations made by them during the course of their audit.

Cost Auditors

Pursuant to Section 148(1) of the Companies Act, 2013, Company is required to maintain cost records and accordingly such accounts and records are made and maintained.

Pursuant to Section 148(3) and the Companies (Cost Records and Audit) Rules, 2014, M/s. Rao, Murthy & Associates, Cost Accountants (Firm Registration No.: 000065), were appointed as the Cost Auditors of the Company for the Financial Year 2020-21.

18. Internal Financial Controls

The Company has in place adequate framework for Internal Financial Controls as required under Section 134 (5)(e) of the Companies Act, 2013.

During the year under review, such controls were tested and no material weaknesses in their design or operations were observed.

19. Risk Management

The Company has a risk management framework for the identification and management of risks.

In line with the requirement under the SEBI Listing Regulations, the Company has constituted a Risk Management Committee (RMC) comprising of members of the Board and Senior Management personnel. Composition of RMC is provided in the Corporate Governance Report, which forms part of this Report.

RMC is entrusted with the responsibility of overseeing strategic, operational and financial risks that the organisation faces, along with the adequacy of mitigation plans to address such risks.

Additional details relating to Risk Management are provided in the Management Discussion and Analysis report forming part of this Report.

Nature of Business of the Company

There has been no change in the nature of business of the Company during the year under review.

Deposits

The Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013. Accordingly, no disclosure or reporting is required in respect of details relating to deposits.

Whistle Blower Policy

Pursuant to provisions of section 177(9) of the Companies Act, 2013 and SEBI Listing Regulations, the Company has a Whistle Blower Policy in place.

The said Policy provides appropriate avenues to the directors, employees and stakeholders of the Company to make protected disclosures in relations to the matters concerning the Company. The said Policy also establishes adequate mechanism to enable employees to report instances of leak or suspected leak of unpublished price sensitive information.

Audit Committee of the Company oversees implementation of the Whistle Blower Policy. During the year, Company has not received any protected disclosure.

Strides' Whistle Blower Policy is available on the Company's website and can be accessed at http:// www.strides.com/investor-committeboard.html

Policy on Directors Appointment and Remuneration (Strides Nomination and Remuneration Policy)

The policy of the Company on Directors' appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under Section 178 of the Companies Act, 2013 is available on the Company's website and can be accessed at http://www.strides.com/investor-committeboard.html

Disclosure on compliance with Secretarial Standards

The Company complies with all applicable mandatory secretarial standards issued by the Institute of Company Secretaries of India.

Insurance

The assets/ properties of the Company are adequately insured against loss due to fire, riots, earthquake, terrorism, amongst others and against other perils that are considered necessary by the management.

Reporting of Fraud

No frauds were reported by the Auditors as specified under Section 143 of the Companies Act, 2013 for the Financial Year ended March 31, 2021.

Significant and material orders passed by the Regulators or Courts

There were no significant and material orders passed by the Regulators/ Courts that would impact the going concern status of the Company and its future operations.

Annual Return of the Company

Pursuant to Section 92 of the Companies Act, 2013 and Rules made thereunder, Annual Returns filed by the Company for the prior financial years has been uploaded on the website of the Company and can be accessed at https://www.strides.com/investor-annualreport.html

Draft Annual Return for the financial year ended March 31, 2021 is also uploaded in the above section. Upon filing the same with Registrar of Companies, filed return shall be uploaded.

Absorption and Foreign Exchange Earnings/ Outgo

Details of Energy Conversation, R&D, Technology Absorption and Foreign Exchange Earnings/ Outgo are enclosed as Annexure 7 to this Report.

Policy on prevention of Sexual Harassment at workplace

Your Company has in place a Policy on Prevention of Sexual Harassment in line with the requirements of The Sexual Harassment of Women at the work place (Prevention, Prohibition & Redressal) Act, 2013 (PoSH Act). Strides has adopted a gender neutral policy.

In terms of the PoSH Act, your Company has also constituted Internal Complaints Committee (ICC). Adequate workshops and awareness programmes against sexual harassment are conducted across the organisation.

A disclosure relating to PoSH complaint is provided in the Corporate Governance Report, which forms part of this Report.

21. Declaration by Independent Directors

In accordance with Section 149(7) of the Companies Act, 2013 and Regulation 25(8) of the SEBI Listing Regulations, each independent director has confirmed to the Company that they meet the criteria of independence as laid down in Section 149 (6) of the Companies Act, 2013 and Regulation 16(1) (b) of the SEBI Listing Regulations.

22. Board Evaluation

Evaluation of all the Directors, Committees, Chairperson of the Board, and the Board as a whole was conducted for the year. Evaluation parameters and the process have been explained in the Corporate Governance Report, which is part of this report.

23. Material changes and commitments, if

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the Financial Year to which this financial statement relates and the date of this report.

24. Directors' Responsibility Statement

Pursuant to the requirement under section 134 (3) (c) of the Companies Act, 2013 with respect to the Directors' Responsibility Statement, the Board of Directors of your Company state that:

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

(c) directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) directors have prepared the annual accounts of the Company on a going concern basis;

(e) directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively;

(f) directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

25. Acknowledgement

Your Directors take this opportunity to thank all its stakeholders, employees, medical professionals, business partners, government & other statutory bodies, banks, financial institutions, analysts and members for their continued support and valuable cooperation.