Sales of Wockhardt alone increased by 20 per cent to Rs 483 crores from Rs 402 crores in the previous year. Operating profits grew by 25 per cent to Rs 120 crores representing an operating margin of 25 per cent (24 per cent). According to a company release, after allowing for the Merind acquisition cost of Rs 15 crores and a 35 per cent ncrease in R&D outlay to Rs 27 crores, net profits fell by 16.9 per cent to Rs 59 crores.

After accounting for operating interest and depreciation, the total profits from operations grew 12.6 per cent to Rs 95 crores.

During the fourth quarter ended June 30, 1999, Wockhardt's sales grew by 24 per cent to Rs 127crores over the same period of the previous year. Operating profits during the period grew 13 per cent to Rs 22 crores.

During the last 12 months, Wockhardt's British subsidiary, Wallis Laboratories, achieved a net profit of over US $0.79 million, registering a turnaround.

The company has also launched Wockhardt's ranitidine tablets in the US market. Two consignments of ranitidine have been exported so far to Wockhardt's US joint venture with Sidmak. The company release said that during the next three years, this JV will launch 12 to 15 products in the US by sourcing from India. "This includes products based on Wockhardt's patented novel drug delivery systems as well as off-patent generics, " the release added.

Wockhardt has, during the past three months, submitted Drug Master Files (DMF) for two bulk actives to the US FDA and another five are likely to be submitted during the next few months.