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Sun Pharma net profit up 34 pc

Our Bureau

MUMBAI, July 30

SUN Pharmaceutical Industries Ltd has reported a 34 per cent increase in net profit at Rs 41.52 crore in the first quarter ended June, 30, 2001 as against Rs 31.06 crore in the corresponding period last year.

The above figures are not comparable as the merger of Sun Pharmaceutical Advanced Research centre, a wholly-owned subsidiary, with the company was approved by the High Court of Gujarat on July 12, 2001.

Sun Pharma's exports have gone up by 90 per cent to Rs 29.43 crore (Rs 15.49 crore) due to the inclusion of Rs 27.50 crore of Sun Pharma Exports Ltd on a consolidated basis.

The shareholders of the company, on April 30, 2001, approved the merger proposal of Pradeep Drug Company Ltd with effect from April 1, 2000. Pradeep Drug has reported a net loss of Rs 87 lakh (Rs 32 lakh) for the quarter.

According to Mr Dilip Shanghvi, Managing Director, Sun Pharmaceutical Industries, long-term stable relationships with customers have helped to reach a leadership position in speciality therapy areas.

The company's bulk drug plant at Panoli received a ISO 9002 certification and the Ahmednagar plant received USFDA approval for pentoxifyline.

The company launched a new division for diabetologists called Arian with a dedicated field force of 148 sales representatives.

Total sales has gone up to Rs 167.27 crore (Rs 132.66 crore). Total expenditure has increased to Rs 120.58 crore (Rs 96.71 crore).

The earnings per share for the quarter was at Rs 8.72 (Rs 6.34).

The board of directors had recommended an interim dividend of Rs 5 per share (50 per cent) which is also the final dividend.

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