Torrent Pharma posts Rs 41-cr net profit

Higher margins combined with lower interest charge for domestic business have enabled Torrent Pharma Limited, the flagship company of the Rs 2,000-crore Torrent group, to turn out a satisfactory performance and post a profit after tax of Rs 41 crore for the year 1998-99. The PAT, however, is marginally lower than that of last year.

The company has declared 60 per cent dividend for the year. Domestic sales have gone up by 14 per cent to Rs 292 crore.

However, export turnover has come down to Rs 38 crore against Rs 116 crore in 1997-98. A company spokesman said the setback on the export front was because of delay in finalisation of Russian government tender business which aggregated to Rs 74 crore last year. The company is hopeful of making it good this year as TPL has secured Russian tender business worth Rs 80 crore.

Atul sales up 23% to Rs 470 Cr, to pay 15%

ATUL Ltd, a part of the Lalbhai group, has recorded sales of Rs 470 crore for the year ended March 31,1999, an increase of 23 per cent over Rs 381 crore recorded in the previous year. Extraordinary income — Rs 50 crore from sale of part holdings in Novartis India (Rs 30 crore in the previous year) and Rs 5 crore (Rs 6 crore) from Cyanainid Agro and Wyeth Lederle as final payments for providing the two companies infrastructure at the Atul complex — pushed net profit up to Rs 29 crore from Rs 17 crore in the previous year. The board has recommended a dividend of 15 per cent against 10 per cent..

Atul managing director Sunil Lalbhai said the real impact of the Atul-Cibatul merger (effective April 1, 1998) would be visible only this year and beyond.