The COVID-19 pandemic has had the most significant economic and social impact on the world in recent memory. At Neuland, the strength and agility we have built into our business enabled us to deliver a steady performance despite the external challenges. I am incredibly proud of our people for their commitment and contribution in these difficult times. Our priorities remain the safety of our people, maintaining business continuity to ensure timely delivery of our products to support customers and, through excellent people and processes, meet the high standards they have come to expect from Neuland.
Our performance was driven by growth in both the business verticals of Generic Drug Substances (GDS) and Custom Manufacturing Services (CMS). While the uptick in GDS business was led by customer acquisition and our continued efforts in product lifecycle management, the CMS business is seeing the fruition of our sustained focus on building strong customer relationships and the right pipeline of projects. Much of the credit for our success also goes to our strong, well-balanced teams across functions, who worked closely to serve customer needs in an extraordinary year. As we look to the future, we believe that the continued emphasis on growing our capability, fostering cross-functional collaboration and driving continuous improvement makes us well-positioned to scale business growth.
Across both verticals, meeting customer needs and exceeding their expectations is a fundamental part of our operating model and our values. Our uncompromising commitment to quality, compliance and safety underpins this customer focus. In this regard, the deep understanding of regulatory requirements that we have amassed by serving highly regulated markets for over 25 years, together with our intense focus on upholding the highest quality and safety standards in our operations, continues to be a key business differentiator.
We continue to build on our R&D capabilities aligned with our goal to be a preferred partner to innovator companies for contract research and manufacturing.
The knowledge and skills of our R&D team also play a critical role in sustaining our market position in the GDS business. I am pleased to share that during the year, we have further enhanced our R&D expertise and infrastructure to enable us to better serve our customers and deepen our engagement with them.
Guided by the foresight of our management team, we have been proactively pursuing supply chain diversification over the past few years to reduce our dependence on any single geography. The business strategy has worked to our advantage, as reflected in our almost interruption-free operations and timely deliveries in a year when global supply chains were disrupted due to the pandemic breakout. We have been accelerating the integration of technology in our operations to leverage greater efficiencies. Our strong focus on operational excellence is also evidenced in our team’s efforts to optimize processes, improve yields and lower costs. This relentless drive for efficient execution enhances our reputation as a leading API manufacturer and an end-to-end solution provider for the pharmaceutical industry’s complex chemistry needs.
As we look to take our business to the next level, we recognise that strong leadership and future talent pipeline is a strategic imperative. We are actively looking at bringing the best global talent for strategic roles and providing them with the right kind of environment so that they can perform. We also continue to emphasise building an organization where people are constantly learning, especially essential in our kind of business and for driving professional satisfaction.
Entering FY 2022, the world continues to fight the global health crisis. At Neuland, we are implementing strict health and safety measures across all our sites to ensure that we can operate at, or close to, normal operating levels through this period of uncertainty. While fiscal prudence remains the order of the day, we are making investments in critical areas such as quality systems, infrastructure and R&D to maximize opportunities for future growth.
Looking forward, we are well-positioned to benefit from our excellent product portfolio, strong CMS project pipeline and growing capabilities. We are working towards enhancing our customer base in our key markets of the US, Japan and Europe, especially in the context of our CMS business. Finally, we will use the momentum that we have generated over the years along with the learnings of the past to generate better value.
On behalf of the Board, I would like to thank our customers and shareholders for their continued support, and our employees for their exceptional work and commitment. I look forward to our continued success in achieving our goals and delivering strong performance.
Dr. Davuluri Rama Mohan Rao