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Strides Arcolab registers higher turnover
BANGALORE:
Strides Arcolab has registered consolidated sales of Rs. 1.39 billion and a profit before tax of Rs. 168.48 million for the first quarter of FY 2006, a growth of 34 per cent and 43 per cent, respectively, over the corresponding period last year. Indian operations of the company recorded sales of Rs. 1.08 billion and a profit before tax of Rs. 146 million, representing a growth of 55 per cent in revenue and 15 per cent in profits over the corresponding period last year. The board has approved a proposal to raise up to $100 million by way of preferential, rights or such other issue through issue of convertible bonds/GDRs/ADRs/equity shares or a mix of them. The proceeds from the issues are to be used for part financing new production facilities in India and elsewhere, apart from using them for acquisitions.
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