On a consolidated basis, done according to the standards laid down in the US GAAP (i.e. line by line consolidation for subsidiaries and joint ventures where the company's effective holding is in excess of 50 per cent and equity method for other ventures), sales stood at Rs 394 crore, up 16 per cent over that of the corresponding period of the previous year. Net profits at Rs 30.9 crore were up 27 per cent.

Total expenditure (other than R&D expenses) were higher at Rs 196.62 crore as against Rs 177.67 crore in the previous year. R&D expenditure for the first six months was Rs 4.43 crore.

Interest stood at Rs 7.12 crore while depreciation was marginaly higher at Rs 5 crore. Profit before tax at Rs 28.92 crore was 24 per cent higher than that of the corresponding period of the previous year. Tax was Rs 3.35 crore.

The company said that all hardware and software packages are Y2K compliant. Even the customised packages are presently made Y2K compliant. The expenditure on these will not have any material impact on the results of the company, the statement adds.

Firm likely to launch anti-malarial drug in early 2000

Nicholas Piramal (NP) is expected to hit the market, in early 2000, with a new anti-malarial drug, currently in phase three trials, the company's top management told analysts in Mumbai. The anti-malarial drug, 80/53, acquired from the CDRI, Lucknow, is believed to be aimed at combating chloroquine-resistant malaria.

The company is also conducting phase three trials on an anti-cancer drug, IM862(patented by Cytran of the US) and a launch could be expected by 2001. Cytran and NP already have a strategic alliance to develop and market state-of-the-art molecules.

Indications are that five other molecules are in early development stage at NP and the company would examine the feasibility of alliances to take these drugs, if successful, to the market. Besides, 12 new biovedic products are under development and the company is also working on a dozen projects based on chiral chemistry.