Chandigarh based Ind-Swift Laboratories Limited has recorded 43 per cent rise in net profits during the first quarter of the year as compared to the corresponding period in 2002-03. The profits stood at Rs 1.38 crore as against Rs 0.97 crore the previous year.
The turnover increased from Rs 28.34 crore to Rs 38.19 crore and its export revenue registered a growth of 74 per cent, stated a company release.
According to V K Mehta, joint managing director of Ind-Swift Labs, “the company’s focus on exports has yielded results and it has been recognized as a respectable supplier of the APIs the worldover.”
The company is into therapeutic segments like cardiology, diabetology, anti-hypertensive, anti-depressants, anti-histamins and macrolide antibiotics. It had recently expanded its manufacturing capacities in macrolide antibiotics.
The company has about 10 products in the R&D pipeline of which four to six products are to be commercially launched in export and domestic markets during the current year.
The release said that substantial investments are being undertaken to upgrade the plants for USFDA approvals.
Meanwhile, Ind-Swift Limited, the other group company registered a 13 per cent growth in net profit during the current quarter. Its net profit was Rs 3.1 crore as against Rs 2.7 crore during the same period last year. The turnover of the company increased from Rs 44.65 crore to Rs 49 crore.
In another development, Dr G Mundal assumed charge as the chairman of the Rs 300 crore Ind-Swift Group. Dr Mundal is one of the promoter directors of the Ind-Swift Group and had been holding held the position of Ind-Swift Limited.
Commenting on his appointment Dr Mundal said that the company is “passing through a crucial phase, the group is focusing its investments in R&D and upgrading manufacturing facilities to meet regulatory standards and getting regulatory approvals to turn truly global.”