NLL forms JV Company with Cato research

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Hyderabad Oct 24 (UNI) Pharma and Contract research listed company Neuland Laboratories Limited today announced it has formed Cato Research Neuland India (CRNI), a JV Company with US based Cato Research.

After declaring half yearly performance of the company, Chairman and Managing Director Dr D R Rao said Neuland entered into collaboration with Cato Research to form a joint venture in India with 70 per cent share in it.

It recorded total income of Rs 80 crore for the Q2 of the financial year 2008-09, as against Rs 49.31 crore during the same period last year, he said adding company's profit before tax for the given period was Rs 3 crore as against Rs 1.24 crore in the second quarter of the last year.

The profit before tax for Q2 of FY 2008-09 was Rs 4.50 crore as against Rs 3.68 crore, a growth of 22 per cent. The Company's total income showed an impressive growth in the first six months with a growth of 45 per cent at Rs 140.15 crore as agaisnt Rs 96.86 crore in the corresponding period of the last fiscal.

''We have started successful operations in Japan and also become one of the first few Indian companies to get inspected by the PMDA of Japan. Neuland will continue to increase product range by adding approximately 20 new products this year to our existing portfolio of APIs that will help us sustain and grow the core capabilities of the company''.

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