The Hindu Business Line : Ind-Swift net rises 44%; to pay 10% maiden

IND-SWIFT Laboratories Ltd has registered a 44 per cent increase in net profit at Rs 7.65 crore for the fiscal ended March 31, 2004, against Rs 5.24 crore registered the previous year. The company registered a turnover of Rs 166.52 crore (Rs 144.80 crore).

The board of directors, which met today, also declared a maiden dividend of 10 per cent. In a statement, Dr G. Munjal, Chairman, said, "The dividend outflow is estimated at Rs 1.76 crore, which is approximately 20 per cent of the net profit for the year."

During the financial year, exports grew by 53 per cent from Rs 49.95 crore to Rs 76 crore particularly to Latin America and Europe. The company has set up a subsidiary in the US for expanding its custom research, manufacturing arrangements and exploring strategic partnership in the US market. Ind-Swift's domestic business also saw a jump of 51.90 per cent over the corresponding period.

The company has taken up major expansion plans involving an investment of Rs 75 crore over the next18 months, which includes setting up an R&D centre and pilot plant as per the FDA standards.

Most of these projects are at an advanced stage of implementation. The company's facilities are also being upgraded to meet FDA standards. In the coming months, the company plans an anti-alcoholic drug and a molecule for breast cancer. Besides the company is also going to launch two molecules from statin range, which includes an anti-hyperlipidemic drug with world market of over $5 billion by 2005.