Speciality drugs major Sun Pharmaceuticals Industries
is setting up a formulations plant in Jammu at an outlay
of Rs 25 crore. The tax benefits offered by the Jammu
and Kashmir government outweighs the additional freight
cost that would be incurred in distributing the products
nationwide. The Jammu facility will become the company''s
10th product source in India.
Pharma had commissioned a new plant in Dadra recently.
Both the plants (Jammu and Dadra) are formed as partnerships
between the company (95-per cent stake) and its key employees
benefit trust (5-per cent stake).
In addition, the
company expects to begin operating phase-I of its new
state-of-the-art Rs 40-crore drug discovery campus built
in Baroda by September 2003. This 16-acre site, housing
150 additional scientists, will likely be commissioned
new site for expansion of the product development labs
in Mumbai, a 75,000-sq ft research and development (R&D)
centre to service the North American and European markets,
will also commence operations soon. Sun Pharma has budgeted
an R&D spend of Rs 75 crore this fiscal as against
Rs 65 crore spent during 2002-03.
the year ended 31 March 2003, the company''s total sales
went up to Rs 858.74 crore and the profit after tax to
Rs 231.41 crore. The margins, too, improved to 27 per
cent on account of cost-control measures and better sourcing.
The board has recommended a dividend of 100 per cent.
During the year
under review, domestic formulation sales amounting to
Rs 576.37 crore contributed a lion''s share of the company''s
turnover. The figure for the fiscal 2001-02 was Rs 468
crore. The domestic formulation sales includes a special
price supply of Rs 35 crore, which is reflective of the
next month''s sales.
2003 also saw total exports going up by Rs 6.95 crore
to Rs 146.95 crore. While the speciality bulk active exports
showed a marginal decline to Rs 106.25 crore, exports
of formulations went up by Rs 11.77 crore to Rs 39.77