Ind-Swift Laboratories limited has registered a significant growth of over 44 per cent in net profit at Rs 7.65 crore (Rs 5.24 crore) for the fiscal ended March 31, 2004 on an improved turnover of Rs 166.52 crore (Rs 144.80 crore). The Board of the Company which met here to adopt audited results also declared a maiden dividend of 10% on the equity capital of the Company .
During the financial year the exports grew by 53 % from Rs. 49.95 crores to Rs.76 crores on the backdrop of the increased focus of the Company on the International Markets .The Company’s Exports to latin American and Europe business saw a huge jump during the year
The company has also set up a subsidiary in US for expanding its Custom Research, Custom Manufacturing arrangements and exploring strategic partnership in the US market. The Company has already tied up with few leading US companies, which figure among the top 15 Companies in the US, for supply of its products.
Company’s domestic business also saw a jump of 51.90 % over the figures of the corresponding period . Company client list includes the several leading formulation players such as Cipla, Wockhardt, Ranbaxy, Lupin, Glenmark, Unichem, USV, Dabur, IPCA labs, Ind-Swift ltd. Cadilla Pharma, Alkem and Aristo.
For the year under review, the company incurred a total expenditure of Rs 146.89 crore (Rs 128.98 crore). The R&D costs alone have increased to Rs 8.31 crore from Rs 4.58 crore in the previous fiscal. The company has provided Rs 7.08 crore towards interest (Rs 6.76 crore), Rs 2.79 crore towards depreciation (Rs 2.33 crore), Rs 75 lacs towards current taxation (Rs 60 lacs), Rs 3.25 crore towards deferred taxation (Rs 1.53 crore). While the EPS has improved to Rs 5.24 (Rs 4.78), the reserves stood at Rs 37.58 crore (Rs 25.52 crore) as at the end of March 2004.
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