Chandigarh based Ind-Swift Laboratories Ltd (ISLL) has registered a growth of over 44 per cent in net profit at Rs 7.65 crore during the year ended March 2004 from Rs 5.24 crore. In turnover improved to Rs 166.63 crore from Rs 144.80 crore in the previous year. The company declared a maiden dividend of 10 per cent, stated a press release.
Dr G Munjal, chairman stated that the dividend outflow is estimated at Rs 1.76 crores which is approximately 20 per cent of the net profits for the year.
According to the release, the company has taken up a major expansion plans involving an investment of Rs 75 crore over a period of next 18 months which includes setting up a R&D center & Pilot Plant as per the FDA standards. Most of these projects are at an advanced stage of implementation and the existing facilities are being upgraded to meet the FDA standards, it said.
During the financial year the exports grew by 53 per cent from Rs 49.95 crore to Rs 76 crore on the backdrop of the increased focus of the company on the international markets. Its exports to Latin America and Europe saw a huge jump during the year. The company had also set up a subsidiary in US for expanding its Custom Research, Custom Manufacturing arrangements and exploring strategic partnership in the US market. ISLL has already tied up with few leading US companies, which figure among the top 15 companies in the US, for supply of its products, the release said.
Company's domestic business also saw a jump of 51.90 per cent over the figures of the corresponding period. Company's client list includes the several leading formulation players such as Cipla, Wockhardt, Ranbaxy, Lupin, Glenmark, Unichem, USV, Dabur, IPCA Labs, Ind-Swift Ltd. Cadila Pharma, Alkem and Aristo.
For the year under review, the company incurred a total expenditure of Rs 146.89 crore (Rs 128.98 crore in the previous year). The R&D costs alone have increased to Rs 8.31 crore from Rs 4.58 crore in the previous fiscal. The company has provided Rs 7.08 crore towards interest (Rs 6.76 crore), Rs 2.79 crore towards depreciation (Rs 2.33 crore), Rs 75 lacs towards current taxation (Rs 60 lacs) and Rs 3.25 crore towards deferred taxation (Rs 1.53 crore). While the EPS has improved to Rs 5.24 (Rs 4.78), the reserves stood at Rs 37.58 crore (Rs 25.52 crore) as at the end of March 2004.