Lincoln sales rise 49% for the financial year 2010-11

AHMEDABAD: Ahmedabad-based pharma company , Lincoln Pharmaceuticals Limited (LPL), registered sales growth of 49.72% for the financial year 2010-11. For the next financial year 2011-12, the company plans to pump Rs 5 crore for its inhouse research and development (R&D) on its new drug pipeline.

On Wednesday, the company informed the exchange that it maintained its growth momentum. Its consolidated revenue rose to Rs 189.73 crore as against Rs 126.72 in the previous years. Net profit registered minimal growth as it stood at Rs 6.22 crore compared to Rs 6.04 crore in previous year.

Talking to ET, Rajani G Patel, joint managing director of Lincoln said : "The company would spend Rs 5 crore for the FY 2011-12 for carrying out clinical and bioequivalence test on new products". The company already has an R&D unit in Ahmedabad , and would spend the fund on developing five to six new drugs. The products are for orthopedic, gynecology and paediatric segment.

The fund would be raised from internal accruals. On Wednesday, Lincoln's stock price rose by 0.59%, closing at Rs 34.The company also recommended dividend of 6% per equity share, subject to shareholders approval at the AGM.