Arvind Remedies Ltd has reported an income of Rs.36.71 crore for the third quarter of the current financial year as against Rs.24.03 crore in the same period for the corresponding year, a 52 per cent increase. Net profit has increased by 33 per cent to Rs.87.35 lakh from Rs.65.46 lakh. Operating profit, at Rs.2.43 crore, has reported a jump of 60 per cent from Rs. 1.52 crore.
For the nine month period ended December 2002, the company's income from operations have risen by 43 per cent to Rs.94.96 crore as compared to Rs.66.28 crore in the corresponding previous period. Despite higher interest cost, gross profit at Rs.4.53 crore has registered a 22 per cent increase during the last nine months. Net profit, at Rs.2.52 crore has improved 10 per cent form Rs.2.29 crore during the same period.
The performance of ayurvedic prescriptive drugs namely Pankare and Sorexil has been highly encouraging, according to a company press communiqué. Clinical trials are on for new formulations based on the herbal platform in the cardiology segment. During the current year, the company has undertaken contract manufacturing activities for a leading player in the domestic pharmaceutical sector. Revenues from this association are expected to leapfrog in the following years, the press communiqué stated.
The company's R&D division is actively working on several products in the novel drug delivery system in the allopathy segment, the press communiqué further stated.