Ind-Swift Laboratories, a Rs 450 crore plus pharma company, has performed well during the first quarter ended June 2008. The company's net profit moved up sharply by 88.6 per cent to Rs 10.05 crore from Rs 5.33 crore in the similar period of last year. Its net sales also increased by 35.1 per cent to Rs 139.76 crore from Rs 103.48 crore. With excellent growth in profitability, its earning per share jumped to Rs 4.17 from Rs 2.34 in the last period.
The profit before interest, depreciation and taxation reached at Rs 26.15 crore as against Rs 18.02 crore in the last period, a growth of 45.1 per cent. The company provided Rs 9.24 crore for interest (previous period Rs 6.94 crore), Rs 5.09 crore for depreciation (Rs 3.72 crore) and Rs 1.76 crore for taxation (Rs 2.20 crore). The profit before tax went up by 60.5 per cent to Rs 11.81 crore from Rs 7.36 crore in the corresponding quarter of last year.
The company raised a sum of Rs 3.58 crore during the quarter under review by way of preferential allotment of equity shares. The funds raised were utilised for setting up of cGMP compliant manufacturing plant and meeting long term working capital requirement of the company. The equity capital increased to Rs 24.60 crore from Rs 22.84 crore on issue of 3.50 lakh share of Rs 10 each at a premium of Rs 60 per share to promoters Group upon conversion of 3.50 lakh zero coupons optionally convertible warrants.