IPCA Laboratories Ltd, a Mumbai based Rs 650-crore plus pharma company, has improved its performance during the year ended March 2004 and declared second interim dividend of 60 per cent. Together with the first interim dividend of 50 per cent already paid, the total dividend for the year worked out to 110 per cent.

The company's gross sales for the year ended March 2004 increased by 30 per cent per cent Rs 681.40 crore from Rs 524.77 crore in the previous year. The net sales, after excise duty and sales tax, improved by 31 per cent to Rs 632.98 crore from Rs 483.60 crore. The profit before interest, depreciation and tax worked out to Rs 128.52 crore as against Rs 96.38 crore in the previous year, representing a growth of 33.3 per cent. The company's operating profit margins i.e. operating profit as per cent of gross sales, moved up to 20.3 per cent from 19.9 per cent.

The net profit after tax and exceptional items went up by 28.1 per cent to Rs 79.26 crore from Rs 61.86 crore. With strong growth in bottomline, its earning per share moved up to Rs 63.41 from Rs 49.49 in the previous year. As against the equity capital of Rs 12.50 crore, IPCA's reserves and surplus amounted to Rs 263.17 crore from Rs 199.30 crore.

IPCA is awaiting the sanction of BIFR for the merger of Innotech Pharma Ltd, a sick company under SICA.