| MANAGEMENT DISCUSSION AND ANALYSIS |
|
 |
|
 | Revenues for the year ending March 31,2006 up 36%. |
 | Formulations were 84% of the revenues, in line with our objective of being a formulations driven company. |
 | Domestic formulations, the sales of speciality prescription brands in India, at 55% of revenues, with 41% growth. |
 | International formulations were 29% of revenues, a growth of 37%. |
 | The export of speciality API was 11% of revenues, backed by increasing sales of APIs to regulated markets. |
 | Exports of branded prescription products (non-US markets) grew 54%, across 26 markets. |
 | US: Sales at Caraco for the year ending March 31,2006, up 29%, with increasing sales of its key product lines, and its first-ever para 4 win, Ultracet. |
 | Plans at an advanced stage to demerge innovative R&D projects into a separate company. This company will be listed. |
|
| (Rs. Mill) |
 |
| All financial numbers are for the consolidated results unless otherwise mentioned specifically. |
|
 | 31 APIs were developed and scaled up. With this, in all, a total of 35 filings await approval, including filings in the areas of anticancers, steroids, hormones and peptides. |
 | At our Karkhadi site (the erstwhile Phlox Pharma), expansions completed to create a cephalosporins facility that is FDA compliant and can make both sterile and non-sterile API and dosage forms. |
 | A 170 acre site in Tiszavasvari, Hungary, acquired from Valeant Pharma in end 2005 for vertical integration in controlled substances. This 600KL manufacturing capacity, in one shot, doubles the API capacity at Sun Pharma. |
 | A site at Cranbury, NJ, USA, acquired to manufacture controlled substance dosage forms, bringing in state of the art manufacturing suites meeting international regulatory standards. |
 | A site at Bryan, Ohio, USA, acquired to make semi-solids, pastes and liquids, and work begun on capacity increases and streamlining operations. |
|