Marksans Pharma Ltd, formerly known as TASC Pharmaceuticals Ltd, performed well during the second quarter ended September 2005 and its net profit zoomed by 121 per cent to Rs. 10.38 crore from Rs. 4.69 crore in the corresponding period of last year. The net sales also moved up by 68.2 per cent to Rs. 89.84 crore from Rs. 53.39 crore in the last period. The earning per share worked out to Rs. 2.89 as against Rs. 1.30.
Pursuant to the scheme of amalgamation sanctioned by the High Court at Mumbai, the assets and liabilities of the erstwhile Glenmark Laboratories Ltd were transferred to a vested in the company with effect from April 1, 2004. With the amalgamation, the company issued 2,34,40,563 equity shares of Rs. 10 each and Rs. 13.50 lakh, 7 per cent, redeemable cumulative preference shares of Rs. 100 each to the shareholders of erstwhile Glenmark Laboratories Ltd on October 10, 2005. Marksans Pharma has successfully raised US$ 50 million through Zero Coupon Foreign Currency Convertible Bonds.
The company's net profit for the first half ended September 2005 went up by 105 per cent to Rs. 20.40 crore from Rs. 9.94 crore in the similar six months of last year. The net sales during the first half increased by 71.4 per cent to Rs. 174.74 crore from Rs. 101.94 crore. The earning per share on equity base of Rs. 35.94 crore worked out to Rs. 5.68 as against Rs. 2.76 in the last period.