The Board of Directors of Opto Circuits (India) Ltd. (OCI), India’s leading manufacturer of invasive and non-invasive, today reported consolidated net sales of Rs. 230.36 crore for the quarter ended June 30, 2009, a jump of 29.88% as against Rs. 177.37 crore posted in the same period of the last fiscal.
Consolidated profit after tax for Q1FY10 was at Rs. 59.28 crore, registered a growth of 31.76% as compared to Rs. 44.99 crore posted in the same period of last year. Basic earnings per share for Q1FY10 worked out to Rs. 3.67, as against Rs. 2.78 in Q1FY09.
On a consolidated basis, 78 per cent of the turnover is from the Invasive segment, 21 per cent from the Non-Invasive segment and 1 per cent from the other businesses.
During the quarter, Opto Circuits’ wholly-owned subsidiary Mediaid Inc. received FDA approval for key vital sign monitoring products; Model 900, a bedside monitor, and Model 960, a vital sign monitor. The subsidiary also received approval for marketing and sale of the Mediaid brand of US FDA-approved Pulse Oximetry (SPO2) products (Patient Monitors & Sensors) in Brazil and surrounding geographies.
The Company also announced the receipt of US FDA approval on a next-generation pulse oximeter (SpO2) module, Sequel TM developed by its Waukesha-based subsidiary- Criticare Systems Inc. (CSI). The approval enables immediate integration of the module into CSI monitors and marketing and sale of the product to OEM manufacturers across the globe.
Management Comments
Vinod Ramnani, Chairman & Managing Director, OCI, said “Our results for this quarter are in line with management expectations; the growth is due to market share gains and new product introductions.”
About Opto Circuits (India) Ltd.
Opto Circuits (India) Ltd. (OCIL) (BSE Code: 532391; NSE Symbol: OPTOCIRCUI) is a leading manufacturer of healthcare equipments in India. The product profile includes digital thermometers, sensors, probes, pulse oximeters, patient monitoring systems, Stents, Catheters and innovative products in the pipeline. In 2001, OCIL acquired 60per cent stake in Advanced Micronic Devices to market its equipments in India. OEMs contribute (80per cent) of sales while MediAid (100per cent US-based subsidiary) contributes the balance. MediAid came into existence with the acquisition of the patient monitoring division of Palco Labs, US, in end-2003. and now markets OCI’s products in the US markets directly. OCI acquired EuroCor Gmbh during 2006. EuroCor manufactures Cardiac Stents of various types, including Drug Eluting Coronary stents used in critical cardiac care. In April 2007, OCI ventured into new product segments - Urology, Gastroenterology, Gynecology and Orthopedics after acquiring Devon Innovations Private Limited (Bangalore) and Ormed Medical Technology Limited (Chennai). Visit us at www.optoindia.com.
