A company press release stated that domestic sales were higher by 9.8 per cent at Rs 429.8 crore as against Rs 391.3 crore in first half of 1997-98 while export sales registered a 9.2 per cent increase at Rs 283.6 crore.

Profit before research and development expenditure, interest, depreciation and amortisation charge at Rs 149.6 crore was 5.4 per cent higher than corresponding period's figure of Rs 141.9 crore.

After absorbing Rs 21.2 crore (1997-98 : Rs 16 crore) for R&D expenditure and Rs 10.9 crore (1997-98 : Rs 2.8 crore) for (net) interest, profit before depreciation and amortization charge amounted to Rs 117.5 crore (1997-98 Rs 123.1 crore), a decline of 4.5 per cent.

The performance and progress of its operatingsubsidiaries and joint ventures both in India and overseas has been satisfactory in aggregate terms, the company stated in its press release. For the nine month period ended September, 1998, they recorded sales in the aggregate (net of inter-company sales) equivalent to $54.7 million ($45.6 million for nine months in 1997-98) reflecting an increase of 20 per cent in dollar terms.

For the nine months period ended September, Ranbaxy Pharmaceuticals Inc (a wholly-owned subsidiary), recorded a 160 per cent increase in sales (on a consolidated basis) at $22.3 million ($8.5 million for nine months in 1997-98)

The company also allotted 1,69,878 equity shares of Rs 10 each at a premium of Rs 115 per share on August 1, 1998, on exercise of right attached with warrants issued along with 15 per cent non-convertible debentures in 1993 on rights basis, the release added.

There was a significant decline in the export sales of cefalor and its late stage intermediate 3-chloro-7ACCA both in terms of volume and pricerealisation reflecting the global trend. In addition, international prices of certain pencillin-based APIs (active pharmaceutical ingredients) remained soft.

These were partially offset by a substantial increase in sales of higher value added dosage forms which constituted 65 per cent (1997-98-62 per cent) of the pharmaceutical sales, reflecting an aggregate increase of 15 per cent (12 per cent for domestic and 30 per cent for export markets), the release added.