Press release from Business Wire India
Source: Neuland Laboratories
Thursday, May 21, 2009 05:38 PM IST (12:08 PM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Business services, Financial Analyst, Healthcare, biotechnology & pharmaceutical, Stock exchanges; Healthcare
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Neuland Laboratories' Q4 Net Profit Increases by 152 per cent
Hyderabad, Andhra Pradesh, India, Thursday, May 21, 2009 -- (Business Wire India) -- -- Records Impressive Performance in Q4 with net sales increase by 33 per cent for the quarter and 41 per cent for the fiscal April 2008- March 09
-- Operating profits grow by 35 per cent during the financial year 2008-09
Neuland Laboratories Limited today announced a growth of 152 per cent in its net profit for the 4th quarter of the financial year 2008-09. The company recorded an impressive growth of 33 per cent jump in its net sales for the 4th quarter (Jan 09 - Mar 09) of the financial year 2008-09.
The operating profit of the company grew by 5 per cent during this quarter at Rs 6.18 crore as against Rs 5.88 crore in the corresponding period of the previous fiscal.
Neuland Laboratories reported net sales of Rs 85.58 crore for the quarter ended March 31, 2009, as against Rs 64.19 crore during the same period in the previous fiscal.
Neuland Laboratories net profit for the fourth quarter ended 31 Mar 2009 was Rs 8.06 crore as compared to Rs. 3.20 crore in the corresponding quarter of the last financial year, a growth of 152 per cent.
For the financial year April 08 - March 09, Neuland's net profit was Rs. 11.79 crore as compared to Rs 11.35 crore in the previous year (2007-08), an increase of 4 per cent. Neuland reported sales of Rs. 306.72 crore during this fiscal as against Rs 217.70 crore in the previous fiscal a growth of 41.per cent. For the given financial year the operating profit during this period was Rs 22.71 crore as against Rs 16.80 crore during the given period in the previous fiscal, a growth of 35 per cent.
Dr. D R Rao, Chairman & Managing Director, Neuland Laboratories said, "The financial results is a reflection of our strong business model based on achieving the highest level of reliability, focused plans of being profitable and giving more value to our investors, besides growing our client base across the world. Despite the pricing pressures and global environment we have achieved a growth of over 35 per cent in our operating profit and 38.74 per cent in our turnover during the financial year 2008-09. Withstanding the global meltdown approximately 85 per cent of the company's revenues came from markets of North America, Europe and Japan."
The Board of Neuland Laboratories announced that Mr. Sucheth Rao who has been the COO of Neuland will now be the CEO of the company. The board also announced the appointment of Mr. Saharsh Rao Davuluri as a Director on the board of the company. He has also been promoted from Vice President - Corporate Planning and Development to President - Contract Research. He will drive the company's contract research business as well as other new initiatives of the company. He will be responsible for growth and expansion of this business.
Riding on the growth the company announced its thrust on contract research and contract manufacturing services and the Japanese market. The last financial saw Neuland increasing its market share and moving towards achieving a leadership position in all major APIs manufactured by the company in each of its markets and successfully executing opportunities in contract research.
Mr. Sucheth Rao Davuluri, Chief Executive Officer, Neuland Laboratories Limited, "The net profit could have been higher if not for the one time expenses that were incurred due to setting up international subsidiaries of Neuland, the higher fuel and power cost (arising from power cuts in the state) Our results have been good despite the increasing pressure of pricing and competitiveness in the developed market. Our product portfolio, financial strength, manufacturing and R&D capabilities and demonstration of superior overall performance is reflected in our results and will continue to do so despite the tough market conditions. Going forward we are committed towards becoming a reliable global player as our business plan and strategies are on track."
About Neuland Laboratories Ltd:
Neuland Laboratories ltd is a well-established, reliable global provider of API and other essential drug discovery and development services. Neuland manufactures for over 700 customers located in 85 countries. The company's customers include the top 30-pharma companies in Europe and USA.
The company's customers include the top 30-pharma companies in Europe and USA. Neuland with its experience in two decades of manufacturing has a team of scientists working for bringing complex molecules with efficient processes to market, develop non-infringing processes, develop cost effective routes, reduce impurities levels by better process understanding & reduce effluent generation.
Neuland's product portfolio spans a mix of APIs across 8 major therapeutic categories. Neuland Labs has two Research & Development facilities on the outskirts of Hyderabad. Neuland Labs key focus on Contract Research & Development Services Contract Chemistry-based services closely related to their API manufacturing business. These include Medicinal Chemistry (Discovery Support), Process Development, Drug Development Support, Analytical R&D Synthesis Laboratories, Analytical Laboratories, Kilo Laboratories and a Hydrogenation Laboratory, which are equipped with best-in-class equipments.
Besides its core business of API manufacturing, Neuland is currently focused on the two new businesses -
(i) Contract Research and Manufacturing services - this is a Chemistry-based services closely related to the API manufacturing business. The facilities are housed in the Neuland R&D center. For this business, Neuland is looking at a diverse range of therapeutic areas (excluding oncology drugs), mostly for customers based in North America and Europe.
(ii) Clinical Research services- The Company has incorporated Cato research Neuland India for this, a JV with Cato Research Inc., to conduct clinical trials (Ph 2 and Ph 3) in India for Cato Research worldwide. The therapeutics areas and countries would be diverse, in line with Cato Research's operations.
CONTACT DETAILS
Kavita K Bhaskaran, Sampark Public Relations, +91 9987355009, kavita.bhaskaran@sampark.com
Abhishek Subhedar, Sampark Public Relations, +91 9323373592, abhishek.subhedar@sampark.com
Sweta Goyal, Sampark Public Relations, +91 9324903253, sweta.goyal@sampark.com
KEYWORDS
CONSUMER, ECONOMY, BANKING, BUSINESS SERVICES, Financial Analyst, HEALTHCARE, STOCK EXCHANGES, HEALTHCARE
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