IPCA Laboratories, the Mumbai based Rs 675-crore pharma giant, achieved satisfactory performance during the third quarter ended December 2004. Its net profit moved up by 9.8 per cent to Rs 23.77 crore from Rs 21.65 crore in the corresponding period of last year. The net profit includes a gain of Rs 8.60 crore as against a gain of Rs 1.40 core in preceding period from exchange fluctuations. Its net sales increased by 14.6 per cent to Rs 181.86 crore from Rs 158.76 crore. The earning per share, after considering the issue of bonus share in the ratio of 1:1, improved to Rs 9.51 from Rs 8.66 in the last period.
The company's net sales for the nine months ended December 2004 improved by 15.3 per cent to Rs 527.21 crore from Rs 457.23 crore in the similar period of last year. Despite substantial rise in staff cost, manufacturing cost and financial charges, its net profit moved up by 2.3 per cent to Rs 62.41 crore from Rs 60.76 crore in the last period. The staff cost during the period increased by 33.4 per cent to Rs 61.70 crore from Rs 46.25 crore and its manufacturing and other expenditure went up by 23.7 per cent to Rs 132.52 crore from Rs 107.13 crore. There was significant rise in interest cost, which went up by 136 per cent to Rs 7.78 crore as against Rs 3.29 crore.