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This is an archive article published on April 29, 1999
Cipla posts 12.8 rise in net
MUMBAI, APR 28: Pharma major Cipla has registered a 12.8 per cent increase in net profit at Rs 115.03 crore for the year ended March 1999...
MUMBAI, APR 28: Pharma major Cipla has registered a 12.8 per cent increase in net profit at Rs 115.03 crore for the year ended March 1999 as against Rs 101.97 crore in the previous year. Sales for the period jumped by 20 per cent an increase of over Rs 102 crore to Rs 616.77 crore.
Exports increased to Rs 116 crore as against Rs 72 crore in the previous year, while growth in the domestic market was approximately 13.5 per cent. Other income and total expenditure were higher at Rs 25.56 crore and Rs 470.40 crore respectively while interest stood at Rs 2.80 crore.
Depreciation and provision for taxation were Rs 14.60 crore and Rs 39.50 crore respectively. Prior years8217; adjustments for the year ended March 1998 were Rs 10.08 crore and relates to the revision in the value of opening stock.
The company has also taken appropriate and effective steps to be Y2K compliant by August 1999. The expenditure to ensure Y2K compliance is not expected to have any material financial impact. The company has a contingencyplan for addressing any unanticipated Y2K problem that may arise.
The company is expected to maintain current growth rates in the current fiscal and hopes to register a turnover of around Rs 800 crore by the turn of the century.
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