This performance is, however, not strictly comparable as audited results of the year ended March 31, 1998 comprise the consolidated results of Roussel India Ltd and Hoechst Marion Roussel, while the audited results for the year ended March 31, 1997 are only of Hoechst Marion Roussel.

The Mumbai high court, has, by an order passed on September 18, 1998, sanctioned the scheme of amalgamation between the company's 100 per cent subsidiary, Roussel India and Hoechst Marion Roussel effective from April 1, 1997.

Net sales for the period rose to Rs 534.95 crore from Rs 386.90 crore in the previous year, while other income more than doubled to Rs 32.65 crore, compared with Rs 15.21 crore in theprevious year. Other income for the year ended March 31, 1998 includes profits on sale of fixed assets and developmental rights of Rs 10.74 crore.

Total expenditure was higher at Rs 494.40 crore and includes a provision/payment under a voluntary retirement scheme of Rs 13.26 crore during the year ended March 31, 1998. Voluntary retirement scheme expenses for the year ended March 31, 1997 was Rs 7.60 crore. Interest stood at Rs 12.86 crore. Tax provision for the current year is Rs 13.66 crore, as compared with the prior years' provision of Rs 1.58 crore.