Ipca Laboratories hopes to join top 10 pharma cos

Silvassa, Feb 17 (UNI) Confident of crossing Rs 1000 crore turnover by the end of this fiscal, Indian drugmaker Ipca Laboratories is looking forward to increase its employees, domestic market share and exports with the expansion of its existing unit here and commissioning new plants in Sikkim and Indore SEZ by next year.

''Our Indore SEZ with an investment of Rs 70 crore is almost ready and we will invest at least Rs 20 crore in Sikkim,'' company Managing Director Premchand Godha told a group of visiting journalists from Mumbai.

''In spite of pressure on our business due to declining value of US dollar, we are confident of becoming an over Rs 1000 crore company and to be included in India's top 10 pharma majors in sales, prescription count and brand equity by close of this fiscal,'' Mr Godha said.

The company's operating profit margins in FY08 is projected to grow by 23 per cent from the previous year's 22 per cent and has set a revenue growth target of 20 to 25 per cent in FY09, he said adding the Company's net profit stood at Rs 122 crore in the last fiscal.

The Company aims to substantially increase its current domestic market share and exports from 26 per cent and 53 percent to 30 per cent and 60 per cent respectively with the commissioning of these two new projects and ongoing expansion of existing unit at Athal village in the Union Territory of Dadra and Nagar Haveli, 170 km from Mumbai.

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