Sun Pharma sales, profit up; dividend at 50%

Chennai: The speciality drug company Sun Pharma has closed its financial year 2001-02 with an all-round increase in performance. The company has clocked sales of Rs 747.7 crore, showing an increase of Rs 136.3 crore over the previous year. The net profit went up by Rs 33.5 crore to Rs 168.6 crore and the board has decided to maintain the 50-per cent dividend level again.

While domestic sales contributed Rs 608 crore (formulations: Rs 466 crore; bulk: Rs 139 crore; others: Rs 2.2 crore) exports accounted for Rs 139 crore (formulations: Rs 28.3 crore; bulk: Rs 106.9 crore; others: Rs 4.2 crore).

The total expenditure for the last year went up by Rs 94 crore to Rs 5,543.2 crore. While staff and material costs went up by Rs 4.8 crore and Rs 5.7 crore, respectively, other expenditure head also showed an increase of Rs 9.6 crore.

Chipping handsomely to the total income last year are the interest revenue to the tune of Rs 4.2 crore and the other income totalling Rs 6.9 crore.

On the issue of the merger of MJ Pharmaceuticals the board took on record the Board for Industrial and Financial Reconstruction order and has fixed 24 July 2002 as the record date for the shareholders of latter for the issue of one equity share of Sun Pharma for every 210 shares held.

Sun Pharmas board will meet on 28 June 2002 to consider the issue of bonus preference shares to its equity shareholders.