Opto Circuits’s Net Profit zooms by 106.22% in Q1 FY07

Mumbai, 31st July ‘06: Opto Circuits (India) Ltd. (OCI), India’s leading manufacturer of healthcare equipments, declared its financial results for the first quarter ended 30th June ’06. Net Profit for the quarter surged by 106.22 per cent to Rs. 10.33 crore as compared to Rs. 5.01 crore from Q1 FY06. Net sales grew by 61.52 per cent to Rs 31.10 crore compared to Rs 19.25 crore in the corresponding quarter of last year. EBITDA margin rose from 29.83% to 38.35 %, driven by better economies of scale, cost control measures and a better product mix. The United States and Europe made for nearly 75% of the company’s topline for the Q1 FY07.

“Our strategic diversification and expansion initiatives have started to pay off and this has truly reflected in our financial performance for the first quarter. Going forward, stents and SPO2 sensors will be our key growth drivers. We plan to penetrate into newer markets like Latin America, Middle East and Africa for future growth in the stenting business.” said Mr. Vinod Ramnani, Chairman and Managing Director, while commenting on the financial performance.

The last quarter saw OCI making new inroads in its invasive medical intervention business, through its 100% subsidiary EuroCor GmbH. It received CE approval on its 2 products: Amadeus Supercross, a coronary dilation catheter and E-WIRE, a guide wire for interventional use. OCI also went on to sign strategic distribution agreements to aggressively market its products in the European Union. Fumedica AG thus became OCI’s partner and received overall marketing and distribution rights of EuroCOR’s entire range of coronary stent systems and balloon dilatation catheters, for the German and Swiss market. In May ’06, OCI participated in the Paris Course on Revascularization (PCR) in France, where the company brokered further deals to access newer markets like Latin America and Egypt. As for the non-invasive diagnostics business, OCI continues to augment its sales of the FDA-approved SPO2 Sensors.