The higher exports has enabled the pharma major, Ind-Swift Laboratories Limited to register a 106 per cent growth in net profits during the three months ended June 30, 2004.

The Company registered a net profit of Rs 285.95 lacs for the first quarter against Rs 138.40 lacs registered last year in the same period, while sales grew by 15 per cent to Rs 4400 lacs compared to Rs 3819.10 lacs registered the previous year.

Mr. V.K. Mehta, Joint Managing Director said, " Company has posted impressive results despite higher R&D and staff cost related to regulated markets. With exports starting to the regulated markets, Ind-Swift has marked its presence among the top pharmaceutical companies who have capabilities to comply with the stringent regulatory standards ”

The Exports during the quarter saw a jump of 52.50%. The Company has already started exporting its products to the regulated markets besides exports to the soft regulated and non-regulated markets and as per the Company sources a huge expansion is planned to strengthen Company’s position in the regulated markets. ISLL has also started the process of regulatory filings – it has already filed process patents for two of its products and is in the process of developing non-infringing processes for around five to six new molecules.

For the quarter under review, the company incurred a total expenditure of Rs 3764.52 Lacs (Rs 3425.76 lacs). The R&D costs alone have increased by 80% from Rs.67.22 lacs to Rs 121.19 lacs in the previous quarter, the company said.

The company has provided Rs 202.82 lacs towards interest (Rs 188.55 lacs), Rs 89.69 lacs towards depreciation (Rs 60.73 lacs), Rs 28.80 lacs towards provision for current taxation (Rs 11.44 lacs), Rs 52.58 lacs towards deferred taxation (Rs 21.20 lacs).

For the FY 2003-04 , Company has declared a maiden dividend of 10% on the Equity capital of the Company

Besides, ISLL has filed its first DMF in the US, while two DMFs have been filed in 14 European countries. Going forward, ISLL expects to file around four to six DMFs every year in the US. Besides developing new molecules and building large capacities for the same, ISLL has also been actively building a channel for marketing the same in the targeted markets.

While the company is already well entrenched in most unregulated markets, it is in talks with several players in Europe and US for supply contracts. ISLL has already tied up with a couple of companies in Europe, while discussions are on with several generic players for the US markets as well for the supply of various products post-patent expiry.