Parke Davis India became a deemed public company in 1961, and a public limited company in 1970. Its American parent was acquired by Warner Lambert in 1970. In 1982, Warner Lambert diluted its equity in the Indian venture to 40 per cent.

Later Parke Davis India hived off its confectionery business to Warner Lambert India, a 100 per cent subsidiary of the US parent. Since then, the company has concentrated on ethical formulations and over-the-counter products. About a tenth of the company's products are estimated to be covered by the Drug Price Control Order.

Financial highlights (Year ended 31 March)

figures in Rs lakh	1999	1998
Income	19,072.82	17,399.84
Sales	17,929.28	17,399.84
Miscellaneous	1,143.54	1,127.94
Expenditure	17,698.90	17,497.46
Cost of materials	7,615.85	7,274.11
Expenses	8,436.20	8,828.91
Interest	979.30	750.73
Depreciation	667.55	643.71
Profit before taxation and voluntary retirement and compensation payments	1,373.92	1,030.32
Towards voluntary retirement payments and compensation payments	591.28	234.23
Profit before taxation	782.64	796.09
Provision for taxation	90.00	88.00
Net profit	692.64	708.09
Surplus brought forward	900.00	900.00
Profit available for appropriation	1,592.64	1,658.05
Appropriations	1,592.64	1,658.05
General reserve	98.65	95.09
Proposed dividend	602.69	602.69
Tax thereon	66.30	60.27
Balance carried over	825.00	900.00