The Cipla scrip reacted positively to the impressive performance and rose by 4.19 per cent on the NSE. The scrip closed the day at Rs 1,410 after touching an intra-day low of Rs 1,300 at the NSE. The counter also clocked a volume of 4,200 shares.

Cipla whole-time director Amar Lulla told The Financial Express that the robust performance was a result of all-round growth. Key segments that propelled growth include anti-asthmatics, cardiac care and antibiotics.

Exports increased to Rs 116 crore as against Rs 72 crore in the previous year, while growth in the domestic market was approximately 13.5 per cent. Inquire's chief of equity research, Nishid Shah, said, ``Adjusting for prior years' adjustment on account of inventoryvaluation, the results show robust growth mainly due to success on the exports front. Besides, with several new product launches in the domestic market, we expect growth to be substantially over market rates. Moreover, with several new product registrations complete, we expect similar export growth in 1999-2000.''

Lulla expects the company to maintain current growth rates in the current fiscal and hopes to register a turnover of around Rs 800 crore by the turn of the century. Other income and total expenditure were higher at Rs 25.56 crore and Rs 470.40 crore respectively while interest stood at Rs 2.80 crore.

Depreciation and provision for taxation were Rs 14.60 crore and Rs 39.50 crore respectively. Prior years' adjustments for the year ended March 1998 were Rs 10.08 crore and relates to the revision in the value of opening stock.

The company has also taken appropriate and effective steps to be Y2K compliant by August 1999. The expenditure to ensure Y2K compliance is not expected to have any materialfinancial impact. The company has a contingency plan for addressing any unanticipated Y2K problem that may arise.