Opto Ciorcuits report 141 % jump in net profit

Bangalore, July 24 (UNI) Opto Circuits (India) Ltd. (OCI), India's leading manufacturer of medical diagnostics and interventional products, today reported 141 per cent rise in the consolidated net profit at Rs.27.82 crore for the first quarter ended June 30, 2007 compared to Rs.11.55 crore in the corresponding quarter last year.

The Consolidated Net Sales grew by 99 per cent at Rs.96.50 crore compared to Rs.48.61 crore in the corresponding quarter last year.

The standalone net profit for the quarter ended June 30, 2007 stood at Rs. 23.17 crore for net sales of Rs 61.60 crore.

OCI expanded its medical technologies portfolio this quarter by acquiring domestic manufacturing companies Devon Innovations Pvt.

Ltd. and Ormed Medical Technology Ltd. The companies manufacture products like catheters, stone graspers, stone baskets and dilator sets for different specialised applications, mainly in the areas of urology, gastroenterology and gyneacology and orthopedic.

OCI recently issued 1.1 million share warrants to its promoters.

The company has also issued Equity Shares 0.6 million and 0.56 million to Lehman Brothers Asia Ltd and Alliance Bernstein-India Growth Fund respectively. The proceeds would be used for funding the company's various growth plans including USFDA approvals new products in the patient monitoring division and other R&D activities.

UNI