Gross sales of Glaxo grew at 13.9 per cent, excluding the sales of the products of the Biddle Sawyer group and the company recorded a 20.6 per cent increase in profit after tax at Rs 67.12 crore.

Non-pharmaceutical business reported an 18 per cent growth, while exports grew by 46 per cent, a company statement here said. The company attributed the improvement in profits to savings in the costs of input materials through better purchasing efficiencies, improvements in manufacturing yields and other cost saving measures during the year.

Results could have been better but for an unfavourable price fixation of the bulk drug, ranitidine and the large burden of additional levies imposed in the last budget, it added.

The net sales of Burroughs Welcome grew by 8.4 per cent to Rs 203.16 crore, despite the slowdown inthe sales of septran. Profit after tax for the year stood at Rs 24.9 crore as against Rs 18.03 crore in the previous corresponding period.