For the fiscal 2003-04, the company has reported a profit of Rs.280. 42 crore up by Rs. 49 crore over the previous year. The total income stands at Rs. 1055.27 crore. Sales for the period under review was up by 8.8 per cent to Rs.934.74 crore.

For the year, the domestic formulation sales at Rs.564.24 crore was the largest contributor to turnover. The exports-speciality bulk active and formulation — fetched Rs.217.65 crore.

The bulk active turnover for the year reflects continuing margin improvement after regulatory approvals that had been received from US/Europe earlier began bringing in sales.

Exports of formulations, continuing with the ground based marketing strategy with regular doctor calls and promotional effort, continues to show exciting performance.

With the patent filings made by the IP team last year, the total number of patents submitted pending approval now stands at 248, with 34 patents received.

At the company''s research and development (R&D) centre in Baroda, the progress of projects in new chemical entities (NCE) in three specific therapy areas; as well as that of platform new drug deliver systems (NDDS) technologies is fairly satisfactory. The new 16 acre R&D campus in Baroda with 200,000 sq ft research area is nearing completion and will commence partial operations this year. The Mahakali R&D centre site was commissioned this year with space for 150 scientists and focus on projects for the US/Europe and certain platform NDDS.

Sun Pharma completed the construction of a new manufacturing site at Jammu at an outlay of Rs.17 crore. Like the plant at Dadra commissioned last year, this plant too has been formed as a partnership between Sun Pharma (95 per cent stake) and Sun Pharma Key Employees Benefit trust holding the balance.

The company''s first joint venture manufacturing unit in Bangladesh spread over 25,000 sq ft. is close to being commissioned.

Sun Pharma had recently shared its intent to raise funds not over $35 crore by issue of an equity linked instrument — debentures/bonds/securities/foreign currency convertible bonds, secured or unsecured. This is subject to requisite approvals of the shareholders at an extra ordinary general meeting (EGM this May and regulatory approval.

According to Dilip Shanghvi, managing director, "With a strengthened base both in domestic markets and in internationally approved manufacturing sites, we are ready to move to the next orbital of international operations."