Wyeth Ltd, a Mumbai-based pharma MNC, has posted a net profit of Rs 58.92 crore during the year ended March 2004 as against Rs 30.24 crore in the previous year, registering a growth of 94.8 per cent.

The company's gross sales improved by 5.5 per cent to Rs 351.41 crore from Rs 332.98 crore. The Board of Directors has recommended equity dividend of 100 per cent as against 60 per cent paid in the last year. The operating profit before interest, depreciation and taxation improved by 39.2 per cent to Rs 76.91 core during the year 2003-'04 from Rs 55.26 crore in the previous year.

Unchanged cost of raw material and lower staff cost helped to push its operating profit. The raw material cost remained almost at same level of Rs 97.87 crore, but staff cost declined to Rs 56.80 core from Rs 61.81 crore. The staff cost includes VRS amount of Rs 11.09 crore for the year as compared to Rs 14.87 crore. The provision for taxation was also lower at Rs 8.99 crore as compared to Rs 16.71 crore in the preceding year. The earning per share worked out to Rs 25.93 as against Rs 13.03.

The pharmaceutical division sales increased to Rs 286.51 crore from Rs 271.12. The division is contributing over 81 per cent of gross sales. Wyeth has amalgamated Geoffrey Manners & Co Ltd during the previous year.

The company is now divesting the Forhans business including the factory at Nashik and discussions with buyer, John Oak Remedies Pvt Ltd are in progress for signing of the agreements. The company has already sold its Ghatkopar factory to the Mumbai-based Runwal Group.