As I reflect on the past year, I take pride in Neuland's ability to overcome macroeconomic uncertainty, including supply chain disruption and high inflation worldwide. Despite these challenges, we not only met the rigorous quality and scientific expectations of our customers but also achieved higher levels of customer satisfaction and delivered a strong performance.
Since its inception, Neuland has been actively involved in the manufacturing of generic active pharmaceutical ingredients (APIs). However, we have also pursued a clear strategic direction to expand our focus on complex molecules, leveraging our expertise in synthetic chemistry and process development. This strategic approach has driven our entry into the realm of specialty APIs, New Chemical Entities (NCEs) and peptides, while simultaneously catering to the API needs of generic pharmaceutical companies. Our journey has been characterised by constant evolution, with an unwavering focus on placing the customer at the centre of all our endeavours.
Over the past decade, we have transitioned into a much larger pipeline of Custom Manufacturing Services (CMS) molecules for innovator companies as well as expanded our specialty offerings. This strategic shift has unlocked more opportunities to meet emerging customer needs. In FY 2023, the strong growth of our CMS and specialty businesses contributed to our remarkable performance. Our continued investments in augmenting our capabilities, positions our CMS and specialty businesses to grow healthily in the years ahead, even as we maintain our leadership position in generic API molecules.
In light of Neuland's strong performance and positive outlook, the Board is pleased to announce a dividend of ₹10 per equity share for FY 2023. This represents the highest total payout in terms of dividends and underscores our firm commitment to enhancing value for our shareholders for their continued support.
From the very beginning, Neuland has embraced a culture of non-negotiable commitment to quality. We have implemented robust systems and processes to ensure compliance with the most stringent regulatory standards. Our proven track record in quality and compliance has built strong customer relationships and solidified our core. As we move forward, we remain dedicated to enhancing our quality focus and optimising our processes for greater efficiency. Embracing technology and digitisation plays a crucial role in our continuous improvement efforts.
At the heart of our achievements lies our people. As we embark on the next chapter of our growth, attracting and retaining talented individuals who share our values and aspirations is of paramount importance. We are committed to developing a robust succession plan for key roles, ensuring seamless transition and continuity of leadership, and optimising our organizational structure for enhanced effectiveness. Our rigorous management trainee program and integration initiatives for leaders further strengthen our commitment to promoting talent from within. Our primary goal is to cultivate a team of skilled professionals, especially in critical areas like manufacturing, R&D and quality assurance, from our internal talent pool.
Neuland is committed to upholding the highest standards of governance and ethics. We prioritise compliance with applicable laws and regulations, recognising the importance of strong institutional governance and risk frameworks in protecting the interests of our stakeholders. Since becoming a public limited entity in 1994, our Board has consistently maintained a balanced composition of skills, capabilities and diversity to fulfil its responsibilities. We are continually assessing and enhancing our governance structures to ensure they encompass robust controls, enable effective decision-making, and align with evolving best practices, both locally and globally.
Sustainability is integral to our strategy with the aim to create value for all stakeholders. We are undertaking multiple measures to minimise our environmental impact. Prioritising employee health and safety, emphasising sustainable procurement and supporting local communities are our other focus areas as part of being a responsible corporate citizen. Our initiatives were recognised externally, including being awarded the Silver rating from EcoVadis and S&P’s ESG rating of 48 placing us in the top 8% of rated peers in our industry.
Looking ahead, I firmly believe that Neuland is positioned for significant growth. Our strategic priorities are aligning us more closely to our customers and driving Neuland’s transformation as a stronger and more agile entity. Our ongoing investments, robust product pipeline and strong reputation in the pharmaceutical sector further underpins our ability to deliver long-term value.
On behalf of the Board, I extend my heartfelt gratitude to our esteemed customers, bankers, vendors and shareholders for their trust and support. I also express my deepest appreciation to our employees for their hard work and dedication. At Neuland, we remain steadfast in our commitment to collaborating with all our stakeholders to produce high-quality pharmaceuticals and make a difference to human health. Together, we will continue on our journey towards excellence.