IPCA Lab net dips by 26% to Rs 101 cr, higher dividend at 110%

Mumbai-IPCA Laboratories has posted lower consolidated net profit of Rs 100.80 crore during the year ended March 2009 as against Rs 135.83 crore in the previous year, basically due to significant higher provision for foreign exchange loss of Rs 76.15 crore. The profit before tax and foreign exchange loss, however, went up by 48.8 per cent to Rs 226.27 crore from Rs 152.02 crore. Its consolidated net sales increased by 22.3 per cent to Rs 1285.80 crore from Rs 1051.30 crore. Its export sales increased by 27 per cent to Rs 680.39 crore from Rs 536.26 crore.With fall in net profit, it's earning per share declined to Rs 40.15 from Rs 54.31 in the last year.The board of directors has stepped up equity dividend to 110 per cent from 80 per cent in the last year. Ipca's EBDIT moved up by 44.1 per cent to Rs 265.93 crore from Rs 184.53 crore. The interest cost went up sharply by 56 per cent to Rs 31.80 crore from Rs 20.39 crore and depreciation provision increased to Rs 39.66 crore from Rs 32.51 crore. The company filed 11 ANDAs of formulations with USFDA and nine of them were approved. It commenced export of generic formulations to US. The company established subsidiary company in Mexico and China during 2008-09.