Lower offtake by distributors on concerns over implementation of VAT during the quarter coupled with government imposed price cuts, and stiff competition in the domestic market resulted in the low growth rate, a Lupin release said. For the year-ending March 31, 2003, the company has posted a net profit of Rs 73.07 crore as compared to Rs 72.18 crore in the previous year. Total income (net of excise) too increased to Rs 1,041.11 crore from Rs 875.83 crore last year.
The board of Lupin Ltd has recommended a dividend of 50 per cent for the year, the release said.
During the year under review, the company reduced overall debt by Rs 48 crore, including the redemption of Rs 7 crore preference share capital.
On the sales performance, active pharmaceutical ingredients (API) to advanced markets of the US, Europe and the developing markets, including India, more than compensated for a marginal dip in sales from the India formulations business, the release said.