Financial Daily from THE HINDU group of publications
Tuesday, Jul 27, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 27, 2004 |
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Corporate Results
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Pharmaceuticals Sterling Biotech Q2 net up 62 pc Our Bureau
Mumbai , July 26 PHARMACEUTICAL gelatin manufacturer Sterling Biotech has clocked a 62 per cent growth in profit after tax at Rs 17.34 crore for the second quarter (Q2) ended June 30, 2004. Net sales in the quarter under review have grown by 41 per cent to Rs 97.80 crore, a company communiqué said here today. For the first half of the current year, the company has registered a turnover of Rs 177.82 crore, as compared to Rs 136.23 crore in the first half of the previous year. Net profit stood at Rs 32.38 crore, an increase of 54.63 per cent during the same period. According to the company's Chairman, Mr Nitin Sandesara, "The performance reflects the benefits of consolidation and the acquisition of gelatin business from Rallis India. In doing so, we continue to focus on our strategic growth initiative to emerge as a globally competitive player in the pharmaceutical gelatin business." Sterling Biotech had acquired the gelatin business from Rallis India effective from April 1, 2004. The second quarter figures include operations of the same and therefore previous quarter/year data are not comparable, the note said. The acquired gelatin unit is located in Ooty, Tamil Nadu.
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