Financial Daily from THE HINDU group of publications
Tuesday, May 27, 2003
Financial Daily from THE HINDU group of publications Tuesday, May 27, 2003 |
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Corporate Results
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Pharmaceuticals Krebs Biochem net up at Rs 14.9 cr Our Bureau
HYDERABAD, May 26 DESPITE a significant growth of over 39 per cent in turnover for the fiscal year ended March 31, Krebs Biochemicals Ltd (KBL), the Hyderabad-based biopharmaceuticals manufacturer, could not attain impressive growth in net profit, largely owing to the increased provisions towards taxation apart from enhanced expenditure. According to the audited financial results taken on record by the KBL board here on Monday, the company's turnover has increased to Rs 102.14 crore from Rs 73.4 crore in the previous fiscal and the net profit has gone up marginally to Rs 14.87 crore (Rs 14.47 crore), yielding an EPS of Rs 24.79 (Rs 24.13) on an equity base of Rs 6 crore. The KBL board has recommended a dividend of Rs 8 per paid-up share of Rs 10 each, working out to 80 per cent, for the fiscal under review. For the year under consideration, the company incurred an expenditure of Rs 72.72 crore (Rs 46.14 crore), a rise of 57.58 per cent, and provided Rs 4.77 crore towards interest (Rs 4.75 crore), Rs 5.46 crore towards depreciation (Rs 4.83 crore), Rs 2.5 crore towards current taxation (Rs 80 lakh), Rs 1.54 crore towards deferred taxation (Rs 1.8 crore) and Rs 26.94 lakh towards earlier year taxation (Rs 58.19 lakh). In a statement, KBL said it was expecting the US Food and Drug Administration (USFDSA) approval for its facility during the current fiscal year, apart from significant turnover from Unit-II, which would increase the overall turnover and profitability. The company, a pioneer in introducing ephedrine and pseudoephedrine through the fermentation technology, has established itself as one of the dominant global players in this segment of pharmaceutical industry. Over the last three years, the company said, it had gained tremendously due to the fact that the developed economies of the globe were shifting to ephedrine and pseudoephedrine produced via the fermentation technology. Nothing wrong with business: On recent news reports involving the company over the last week, both in national and vernacular press, KBL said an international street drug gang was bust in Kolkata, in whose possession one drum of ephedrine was found that contained the label of Krebs Bio's Nellore factory. The Narcotics Bureau started investigation as to the genuineness of its origin and the transaction details. In this connection, two of the Narcotics Bureau personnel inspected the KBL's Nellore works and ascertained the facts that the said batch number drum of ephedrine seized originated from the factory as part of routine and genuine sales transaction. "As usual, sales were executed after `due diligence'. Nothing wrong about the transaction," the KBL statement said. Further, according to Krebs Bio, since the players in the ring in Kolkata seemed to have some other connections, the press sensationalised this issue. "No files were seized nor there was any obstruction to our business. Business is as normal as ever," the company said.
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