Bilcare GCS clocked 12.8% Revenue growth with addition of 14 new clients. ‘Comparator Sourcing’ business increased substantially over last year, showing 40% growth. With growth and increasing customer requirement from the west, GCS opened marketing offices in USA and UK to capture future opportunity. We expect this business division to cross INR 100 Cr. by next year.
Bilcare Technology made inroads in bagging pharma and Government customers and important pilot projects. Talking about pharma, there was line integration project for serialization services for primary, secondary & tertiary level packaging for Biocon, including supply of secondary and tertiary labels. Similarly, we were able to execute serialization and track and trace as per DGFT & MoHFW mandate for secondary and tertiary packs for Merck at Fulford India Ltd and Organon India.
A paradigm shift in Bilcare ncID Technology is expected to be unleashed with induction of highly competent technocrat; who along with his ‘new team’ is working on go-to-the-market strategy with customer oriented solution offerings.
Total Standalone Revenue for the year declined from INR 394.47 Cr. in (FY14) to INR 335.60 Cr. in (FY15).
This loss of sales is primarily on account of crunch in working capital coupled with loss / unfulfillment of orders, or in other words- we had to forgo orders in hand due to raw material unavailability for said reasons. This resulted in reduced EBIDTA of INR 25.29 Cr. in the current year, (FY15) from INR 57.49 Cr. of the previous year, (FY14).
Increase in depreciation from INR 67.81 Cr. in (FY14) to INR 105.52 Cr. in (FY15) caused additional increase of INR 37.71 Cr. due to change in Company’s act 2013, resulting in Net Loss of INR 183.68 Cr. for the year, (FY15).
However, Revenue for the quarter ended, (Q4 FY15) stood at INR 90.48 Cr. as against INR 78.16 Cr. of the previous quarter (Q3 FY15), showing a growth of 15.76%
Total Consolidated Revenue for the current year ended, (FY15) reduced to INR 2737.88 Cr. as against INR 3075.66 Cr. of the last year (FY14) with EBIDTA% marginally up from 8.35% to 8.44%.
“Failure will never overtake me if my definition to succeed is strong enough“ this saying of Dr. Kalam is perhaps most apt, when I think of India Business.
As you are aware, India Business in last two years in going through certain stress due to mismatch of cash flows- impacting raw material procurement and meeting customers’ orders in hand, as a result our top and bottom line has suffered to a large extent.
We have strived hard to meet our creditor commitment – with almost 60% resolution of debt through various options and structures permissible under banking framework. We are confident to turn around headwinds, through our continuous, collective, belligerent endeavor, exploring all possible options.
With BRAG business showing visible sign of momentum, alongside India debt under speedy resolution, I am confident that your Company will soon come out from boulevard of its turbulent past to a better and bright future in the coming fiscal year.
As I conclude, may I, on behalf of your Board of Directors and the employees of your Company, once again thank you for your continued support and encouragement.
Thank you, Ladies & Gentlemen.
Mohan H. Bhandari
Chairman & Managing Director