The dip in profits comes despite a drop in exports by over 75 per cent, a company press release said. The fall in exports is mainly on account of the economic and political situation in the Russian market. However, the Russian tender business for the year, valued at approximately Rs 125 crores, got finalised only in the first quarter of 1999-2000. Torrent has secured a 65 per cent share, valued at approximately Rs 80 crores.

A company release added that Torrent has also consolidated its operations in other existing overseas markets. Besides, efforts have been initiated to enter into the regulated markets via its own operations or strategic alliances.

Domesticsales increased from Rs 256 crores to Rs 292 crores while profit before interest and depreciation improved by almost 35 per cent. On the research and development front, the company has filed for patents under PTC for seven drug discovery molecules, besides four process patents.

The Torrent group has embarked on a major restructuring exercise, aimed at ridding itself of a "substantial part of the flab it is carrying". The revamp is expected to be completed by the second quarter of the current fiscal.

TPL has recently restructured its product portfolio into three divisions to tap the opportunities in the different specialty segments of ophthamology, dermatology, gynaecology and diabetology. Strategic restructuring, which has become operative from April 1999, covers an additional 1,58,000 doctors. Besides, a 42 per cent increase in the field strength to 845 personnel was undertaken to meet the needs of additional doctor coverage.