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Ipca Lab net up at Rs 26 cr

MUMBAI: Ipca Laboratories has registered a 22 per cent increase in net profit at Rs. 26.12 crores for the year ended March 31, 2000 as against Rs. 21.42 crores in the previous year ended March 31, 1999.

The total income has gone up by 8 per cent to Rs. 372.56 crores (Rs. 344.19 crores)

The board has recommended that the dividend of Rs. 5.50 per share already paid be treated as the final dividend for the financial year.

Total expenditure has risen to Rs. 332.65 crores from Rs. 296.35 crores in the year-ago period. Interest has increased marginally to Rs. 15.23 crores (Rs. 15.11 crores), while depreciation has increased to Rs. 8.18 crores (Rs. 7.03 crores). Provision for taxation was at Rs. 80 lakhs (Rs. 75 lakhs).

Export sales for the financial year have gone up by 13 per cent to Rs. 181.06 crores (Rs. 160.74 crores)

Consequent upon Innotech Pharma Ltd, which is co- promoted by the company being declared as a sick industrial company by BIFR during the year, the company has made full provision towards its investment of Rs. 5.25 crores in the equity capital of the said company as a prudent policy. Since this investment was made in the past years, an equivalent amount has been withdrawn from the general reserve account.

The Athal formulations plant of the company recently received ISO 9001 certification.

The USFDA recently inspected and approved one of the company's bulk drug manufacturing plants at Ratlam for export of bulk drug Frusemide to US markets. -- Our Bureau