Total sales at India-based Neuland were $23.2m (€16.1m), up from $20.3m a year ago, in part because of demand for active pharmaceutical ingredients (API) and peptide synthesis.
"We continued to achieve the good sales growth momentum we began to generate in fiscal year 2011 [and made] progress on managing our costs of production and overall expenses”, DR Rao, managing director of Neuland, said.
Although Neuland restricted manufacturing cost increases to single digits, outgoings on raw materials rose 20 per cent. Many suppliers of pharmaceutical ingredients and equipment have spoken of the impact of rising raw material costs in recent financials.