Sun Pharmaceutical Industries' net soars 61% to Rs 43 crores.
caraco.com
caraco.com
Anju Ghangurde (FE-10/29/99)
Mumbai, Oct 28: Sun Pharmaceutical Industries has registered a 61 per cent increase in net profit for the six months ended September 30, 1999 at Rs 42.82 crore as against Rs 26.67 crore in the corresponding period of the previous year.
Domestic formulation sales, backed by internal growth and an increasing acceptance of new specialty brands, was up 58 per cent to Rs 158.25 crore. The board also approved a final dividend of 20 per cent in addition to the 60 per cent interim dividend already paid. The dividend pay out for the year ended March 31, 1999 is 23 per cent.
Total exports (including those through Sun Pharma exports) crossed Rs 46.45 crore up by 25 per cent as against Rs 37.09 crore in the first half in 1998. Of these, Sun Pharmaceutical Exports, a subsidiary of the company posted sales Rs 24.90 crore and profit of Rs 4.48 crore. Bulk active exports were up 43 per cent to Rs 35.17 crore from Rs 24.66 crore last year, while dosage form exports were flat.
Sun Pharma chairman and managing director Dilip Shanghvi said, ``Our performance is a validation of our focused strategy which emphasises strong customer relationships. Our research priorities and investments based on customer feedback have helped introduce new products with a technology edge for a headstart in high growth markets. Forty per cent of our current turnover is from products introduced based on in-house research in the last four years.'
The company has completed a major consolidation exercise, streamlining operations, rationalising the product mix and integrating the companies and brands it had acquired. The first half turnover for 1999 includes domestic prescription sales of Rs 25 crore from acquired brands, now marketed by the company's Solares and Milmet divisions. |
