India Ltd, a leading Indian pharmaceutical company, has
completed formalities for transfer of its second plot
of land and premises, situated at Goregaon, a Mumbai borough,
to Kingston Properties Pvt Ltd. The company has received
Rs 198.80 million after discount, given on pre-payment
for the sale of the property.
Novartis India had, in February 2002, completed formalities
for transfer of its first plot of land and premises in
Goregaon to Kingston Properties. This transfer was subsequent
to approval from the appropriate tax authorities. The
company had received balance consideration of Rs 75 million
on completion of this transfer.
sale of Novartis properties is spread over a period of
fours for a total sum of Rs 725 million. During this period,
Novartis India will continue to occupy the premises, which
were under its ownership.
The company net
profit surged 137 per cent to Rs 16.6 crore in the first
quarter of 2002-03 from Rs 7 crore in the corresponding
period of the previous year as the company slashed costs
and gained from low-interest payments. Net sales grew
15 per cent to Rs 127.5 crore while the total expenditure
rose just 3 per cent to Rs 103.2 crore. The company said
higher profits resulted from higher volumes and a favourable
rose sharply to 19 per cent of sales from 9.4 per cent.
Interest payments fell 91 per cent to Rs 22 lakh from
Rs 2.47 crore. The company said the net sales growth was
spurred by the core pharmaceuticals business, which grew
16 per cent to Rs 76 crore.
company shareholders at the annual general meeting approved
a resolution allowing the company to buy back its shares.
Novartis managing director Robert Thompson had earlier
said at an analysts meet that the resolution will provide
flexibility to the company in case it wants to do a buyback.