Mumbai-based Unichem Laboratories is all set to file the company's first ANDA application next year, according to Dr Prakash Mody, chairman of the company.

The company will commission its new plant at Baddi in Himachal Pradesh for manufacture of non-antibiotic formulations by April 2005.

Addressing the annual meeting of the company in Mumbai, he said, with the proposed Baddi plant, the formulation plant's tally will go up to four. All these plants will not only help Unichem's efforts in going global but also help it to maintain uniformity of standards both in domestic and international markets. The company is also exploring a possibility to acquire an API unit, which could be upgraded to meet the international standards, he said.

"After the filing of ANDA, we expect to launch our first formulation in US by 2007. The company will spend about Rs 25 crore for API plant acquisition. Another 25 crore will be utilized for upgradation of this plant," said Dr. Mody.

Dr Mody stated that the sales turnover of the company, during the first quarter ended June 2004 has gone up to Rs 121.90 crore from Rs 95 crore showing a growth of 28.3 per cent.

The Company recorded PBDIT of Rs 23.10 crore in the first quarter of the current financial year as against Rs 17.40 crore in the corresponding period of last year, registering a growth of 32.7 per cent. Profit before taxes increased to Rs 20.20 crore in the first quarter from Rs 14.30 crore, representing a growth of 41.2 per cent.

The net profit increased by 38.4 per cent to Rs 14.40 crore from Rs 10.40 crore in the similar period of last year. Its subsidiary Niche Generics recorded a turnover of GBP 1.93 million during the first quarter of the current year.

Unichem is also finalizing an employee stock option or ESOP scheme for its employees, said Dr Mody.

The Company recorded an EPS of Rs 4.22 (Face value Rs 5 each) for the first quarter and Rs 16.88 on annualized basis. Unichem launched eight new products including product line extensions during the first quarter of the current financial year.