Neuland Laboratories, a Hyderabad based Rs 200 crore pharma company, has achieved impressive performance during the quarter ended December 2007. The company's net profit for the quarter jumped by 107.7 per cent to Rs 3.51 crore from Rs 1.69 crore in the similar period of last year. Its net sales increased by 18.7 per cent to Rs 57.52 crore from Rs 48.46 crore. With sharp improvement in profits, its earning per share went up to Rs 6.50 from Rs 3.13.
Dr D R Rao, chairman and managing director, said, "Continuing with our focused plans of being profitable and giving more value to our investors, besides growing our client base the company has always had strong business growth initiatives. Our product portfolio, financial strength, and demonstration of superior overall performance are reflected in our results and will continue to do so despite of the tough market conditions and the weakening dollar".
For the nine months period ended December 2007, Neuland reported net profit growth of 9.6 per cent and its net profit reached at Rs 7.20 crore from Rs 6.57 crore in the corresponding period of last year. The net sales increased to Rs 153.52 crore from Rs 147.37 crore.
Neuland has availed Rs 50 lakh as unsecured loan under Sponsored Research and Development scheme. Since the project was unsuccessful in commercialisation, the same has been written back as per the terms and conditions of loan agreement during the quarter ended June, 2007.
The company has signed a joint venture agreement with Cato Research Lt, USA and its affiliates for carrying on CRO business in India with equity holding of 70 per cent by Neuland and 30 per cent by Cato. The JV is expected to commence business with in a period of one year.