The Hindu Business Line : Neuland Lab net up 30%

Active Pharmaceutical Ingredients (APIs) manufacturer Neuland Laboratories Ltd's net profit increased 30 per cent at Rs 3.2 crore (Rs 2.47 crore) in the fourth quarter ended March 31, 2008. The turnover grew by 14 per cent to Rs 64.19 crore (Rs 54.8 crore). For the year 2007-08, the Hyderabad-based company posted 25.6 per cent increase in net profit at Rs 11.35 crore (Rs 9 crore) on a turnover of Rs 223 crore (206 crore).

"The increase in turnover and net profit was driven by higher sales in APIs in Europe and the US," Dr D. R. Rao, Chairman and Managing Director, Neuland Laboratories, told newspersons here on Friday. The company, which invested Rs 100 crore for last two years, in capacity expansion, plans to invest Rs 40 crore this year to build a new manufacturing facility, he added. The Hyderabadbased company would focus on a service-provider business model instead of being a pure APIs maker.

"Contract research and clinical research services will be new focus areas for us and over next two years ,we expect them to generate good revenues," Mr D. Sucheth Rao, Chief Operating Officer, Neuland, said. - Our Bureau

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