Bangalore, 24th October 2007:
Opto Circuits (India) Ltd. (OCI),
India’s leading manufacturer of medical diagnostics
and interventional products, to-day posted impressive results
for the period ended September 30, 2007. Net income grew
by 121.19 per cent to Rs.123.76 Crore compared to R.55.95
Crore in the corresponding quarter last year. Net profit
grew by 95.33 per cent to Rs.34.07 Crore compared to Rs.
17.45 Crore in the corresponding quarter last year.
For the first half ended September 30, 2007,
the company registered a 110 per cent rise in total income
at Rs.220.27 crore as compared to Rs.104.57 crore for the
corresponding period during the previous year. The Company
has also seen an impressive growth with its profits surging
to Rs.61.89 Crore for the first half of the current financial
year as compared to Rs.29.00 Crore for the corresponding
period last year. The EPS for the first half year stood
at Rs.10.00 per share as compared to Rs.4.71 (restated)
as of September2006.
Commenting after the announcement of results,
Vinod Ramnani, Chairman & Managing Director,
said: “exploring new opportunities
in the in-organic space has been the mantra for reaching
niche markets for us. This has been amply proved with our
latest performance. We’ll continue with our strategy
for good acquisitions in the medical industry, this will
help us grow faster by enhancing our top line as well our
bottom line.”
In the last quarter, OCI entered into a Technology
Transfer agreement with Elpro Srl of Italy to develop, manufacture,
and market different variants of Electro Cardio Graph Machines
(ECG Machines). The Agreement covered 4 variants of ECG
machines and would enable OCI to market these in domestic
and international markets. OCI also received formal approval
from the Ministry of Commerce and Industry (Department of
Commerce, Government of India) for developing a Special
Economic Zone (SEZ) at Nanjanagud near Mysore, Karnataka.
The Company plans to establish its new manufacturing facilities
in the proposed SEZ. It will also focus on establishing
manufacturing facilities for various Health Care related
products and Hardware Electronic products.
The company also recently released the results
of a study evaluating the efficacy of its paclitaxel-eluting
stent Taxcor. The stent was tested and trials conducted
by Dr. B. Singh at Batra Heart Research Institute, New Delhi
and published in Minerva Cardioangiologica Journal, Italy.
It has been found effective and safe up to 6 months following
implantation.
