Other income for the year fell to Rs 4.49 crore while total expenditure increased to Rs 188.77 crore as against Rs 175.60 crore in the previous year. Net profits and sales in the quarter ended March 31, 1999 stood at Rs 7.16 crore and Rs 55.51 crore respectively.

Interest for the full year ended March 31, 1999 fell almost by half to Rs 25 lakh as compared with Rs 43 lakh in the previous year. Depreciation and provision for taxation increased to Rs 2.90 crore and Rs 12.50 crore respectively from Rs 2.80 crore and Rs 10.66 crore respectively in the previous year.

The company said that it is confident of achieving Y2K compliance status before December 31, 1999. Y2K compliance covers all computer hardware,systems and application software and equipment with embedded microprocessor chips.

Wyeth Lederle will be spending a total of Rs 1.62 crore on this initiative. The company has a contingency plan to continue operations should the Y2K compliance not be achieved as planned.