AstraZeneca India to pay 500 per cent dividend

The board of AstraZeneca Pharma India Ltd, at its meeting today, inter alia, approved the payment of dividend of Rs10 per share of Rs2 face value each for the year ended December 2009.

The payment of dividend is subject to the approval of the shareholders at the ensuing annual general meeting, the company said in a filing with the Bombay Stock Exchange (BSE).

The board of directors of AstraZenica (India) Ltd also approved the change in the accounting year of the company from "January-December" to "April-March".

Accordingly, the next financial accounts and annual report would be for a period of 15 months, ie, from January 2010 to March 2011.

The board also accepted the resignation of Bhasker V Iyer, director of the company, with effect from 23 February. 

AstraZeneca Pharma (India), which is 90 per cent owned by AstraZeneca Pharmaceuticals AB, Sweden, has, however, suffered a minor setback in its net profit during the fourth quarter ended December 2009, which declined 3.6 per cent to Rs22.09 crore from Rs22.92 crore in the corresponding period last year. Earnings before interest, depreciation and taxation also moved down to Rs35.08 crore from Rs38.51 crore. The company's net sales, however, improved by 22.6 per cent to Rs114.84 crore from Rs93.67 crore.

For the 12 months ended December 2009, AstraZeneca India's net sales increased 13.5 per cent to Rs385.52 crore from Rs339.77 crore.

The company has embarked on a long-term growth strategy to significantly enhance its market presence by launch of new products o expand its product portfolio, coupled with consequential expansion of its field force.