Dip in DRL net profit

DRL has posted a sharp fall in net profit at Rs 65 crore for the year March 31, 2005 as against Rs 283 crore in March 31, 2004. Total income was reduced to Rs 1,629 crore as against Rs 1,742 crore, according to audited results under Indian GAAP.

As per the US GAAP, DRL’s revenues dipped by 3 per cent over FY04, and profit fell to Rs 21 crore as against Rs 247 crore in FY04, which translates to a diluted EPS of Rs 2.76.

Citing VAT as the reason behind the fall in domestic markets, CEO G.V. Prasad said: ‘‘Fluoxetine, Tizanidine in the US and Ramipril in Europe witnessed significant competition resulting in steep decline in the revenues. We also had to take $6.4 mn in non-cash charge towards our acquisition of

Trigenesis.’’