A company release on Wednesday said, increased profits were attributable to higher sales, benefits of the synergies on account of the merger and lower interest costs. Furthermore, while there were extraordinary expenses of Rs 7.3 crore relating to demerger and amalgamation in the first half of 1997-98, there were no such expenses during the period under review. Sales growth for all business sectors was satisfactory and the major business of pharmaceuticals and crop protection continued to account for 90 per cent of total turnover.

Sohoni calls it a day

At a meeting of the board of directors of Novartis India here on Wednesday, VS Sohoni submitted hisresignation as managing director effective November 30 this year. He will, however, continue as member of the board. Novartis AG, Switzerland, has nominated Irwin Schillinger to succeed Sohoni as managing director. He has been with the Novartis group for 24 years in management positions in Switzerland and many other countries. He is at present president, Novartis Austria.