What were some of the challenges that the company faced in 2012?
The challenges that we have faced could be similar to what the other players in the industry or most of the businesses have faced in India in 2012. Overall, the macroeconomic conditions have not been very favorable for the business. This has certainly slowed down the business since customers across markets, especially in pharma, have been very cautious in purchase.

Secondly, depreciation of the Indian rupee and appreciating value of the US dollar to around 25 percent during 2012, has had a major effect on the import of equipment. The monetary scenario has made imported equipment costlier and the customers have been very cautious in purchasing the hardware.

Lastly, the 12th-Five Year Plan fund disbursement has delayed the procurement of instruments in the academia and the research segment. This has slowed down business growth and affected the overall business expectations.

What will be your strategy for 2013?
Continued position of leadership in the markets that we serve and further consolidation of our position in the India market, is the strategy we would follow. We will certainly focus on newer markets, where we have minimal presence and provide the right solutions to our customers. We would not like to see ourselves as a box-selling company but as a solutions-selling company.