The Hindu Business Line : Sun Pharma Q4 net up 20%; plans 1:1 bonus

THE country's fifth-largest drug maker, Sun Pharmaceutical Industries Ltd, has posted a 20.3 per cent growth in its profit after tax for the fourth quarter ended March 31, 2004.

It also clocked a 21.2 per cent growth in net profit for the financial year ended March 31, 2004 and has proposed a bonus issue of shares in the ratio of 1:1, according to a company communication issued here on Thursday.

The board also recommended a dividend of 130 per cent on the equity shares of the company for the year ended March 31, 2004, subject to shareholders' approval.

The company clocked sales of Rs 234.88 crore in the fourth quarter compared to Rs 234.11 crore for the same period last year. Net profit stood at Rs 89.22 crore against Rs 74.17 crore.

Sun Pharma posted a profit of Rs 280.42 crore for the year ended March 31, 2004 compared to Rs 231.4 crore last year. Sales stood at Rs 934.74 crore (Rs 858.7 crore).

Total income at Rs 1,055.27 crore was up 20.8 per cent.

According to the company, domestic formulation (sale of finished medicines) was the largest contributor to the annual turnover, accounting for 60 per cent of the sales.

Total exports was 23 per cent of sales, but had seen a growth of 48 per cent.

Meanwhile, Caraco — a US-based company where Sun Pharma holds 63 per cent equity — had posted sales of $45.5 million and a net profit of $11.2 million.

The company also said that its intent to raise funds up to $350 million by issue of an equity-linked instrument would come up for shareholders' approval at its EGM on May 6, besides going in for the required regulatory approvals.