8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                    FORM 8-K
                                 CURRENT REPORT
                         PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

         DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JULY 25, 2003

                    CARACO PHARMACEUTICAL LABORATORIES, LTD.
               (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

MICHIGAN                                                        38-2505723
(STATE OR OTHER JURISDICTION OF          (I.R.S. EMPLOYER IDENTIFICATION NUMBER)
INCORPORATION)
                                     0-24676
                            (COMMISSION FILE NUMBER)



                1150 ELIJAH MCCOY DRIVE, DETROIT, MICHIGAN 48202
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)


                                 (313) 871-8400
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)



ITEM 7.  FINANCIAL STATEMENTS AND EXHIBITS

         (c)      Exhibits

         99.1     July 25, 2003 Press Release

ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION

         On July 25, 2003, registrant announced its results of operations for
the second quarter ended June 30, 2003 as set forth in the press release
included as Exhibit 99.1 hereto.

         The information in this Current Report on Form 8-K, including the
exhibit, is furnished pursuant to Item 12 and shall not be deemed "filed" for
the purposes of Section 18 of the Securities Exchange Act of 1934, as amended,
or otherwise subject to the liabilities under that Section. Furthermore, the
information in this Current Report on Form 8-K, including the exhibit, shall not
be deemed to be incorporated by reference into the filings of the Company under
the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934,
as amended.



                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Dated: July 29, 2003

                                  CARACO PHARMACEUTICAL
                                  LABORATORIES, LTD.
                                  (REGISTRANT)



                                  By: /s/ Narendra N. Borkar
                                      ----------------------------------------
                                      Narendra N. Borkar, CEO


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                                  EXHIBIT INDEX

Exhibit:                   Description:

99.1                       July 25, 2003 Press Release


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EX-99.1

                                                                    EXHIBIT 99.1



       DETROIT, July 25, 2003 -- CARACO PHARMACEUTICAL LABORATORIES, LTD.
(OTCBB: CARA) posted record results for the second quarter and first half of
2003, Narendra N. Borkar, Chief Executive Officer, reported today.

Q2 Results
       Net income for the second quarter was $4,326,158, or $0.17 per diluted
share, a sharp turnaround from a net loss of $1,909,840, $0.08 per diluted
share, for the second quarter of 2002. Both gross and operating income also
improved appreciably. Gross profit rose 144% to $7,462,473, from $3,061,528 a
year ago. The operating profit was $4,695,649, up 406% from Q2-2002 operating
loss of $1,534,406.

       Revenues for the quarter rose a robust 111% to $11,889,937, from
$5,627,449 a year ago. Q2 revenues rose 36% over Q1 revenues of $8,721,600.

Six-month results
       Midyear results were exceptional, as well. Net income jumped to
$6,530,906, or $0.26 per diluted share, from a year earlier net loss of
$2,429,533, or $0.11 per diluted share. The gross profit improved to $11,958,124
from $4,515,940 for the first six months of 2002. Operating profit improved
similarly, rising to $7,341,585, from an operating loss of $1,685,971, a year
ago.

       Revenues for the first half jumped 131% to $20,611,537, from year-earlier
revenues of $8,929,408.

       Mr. Borkar said, "We are proud of our results for the second quarter and
first half of 2003. Our gross margin and net income were substantially improved,
reflecting higher sales, manufacturing efficiencies and larger production
batches. The favorable results also underscore the success of our efforts in new
product introduction and vertical-integration and the purchase of raw materials
and active substances at highly competitive prices. Much of the credit for these
accomplishments goes to our affiliate, Sun Pharmaceutical Industries, which is
an FDA-approved supplier of certain active substances.

       "In addition to the substantial growth in sales and strong profitability,
we introduced one new drug, clozapine, a generic form of Clozaril, during the
quarter. This raises our formulary to 16 drugs.

       "Looking forward, we are optimistic about the third quarter and second
half of 2003. We expect continued growth in sales and strong gross-profit
margins in the third and fourth quarters. As reported, our sales for the year
are expected to increase more than 50% to $35 million. We, likewise, expect
profitability in quarters in which we do not recognize technology transfer
expenses for new drugs under our R&D agreement with Sun Pharma.


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       "We plan to introduce one new drug, digoxin, a generic form of Lanoxin,
in the third quarter. By yearend, we expect to receive two or three drug
approvals from the FDA, "he said. He noted that the Company has 15 drugs in
various stages of development.

       Caraco has received FDA approval for 10 generic drugs over the past two
years. These are: digoxin, a generic form of Glaxo Wellcome's Lanoxin;
clozapine, a generic form of Novartis' Clozaril; ticlopidine hydrochloride, a
generic form of Hoffman LaRoche's Ticlid; meperidine hydrochloride, a generic
form of Sanofi-Synthelabo's Demerol; metformin hydrochloride, a generic form of
Bristol Myers Squibb's Glucophage; oxaprozin, a generic form of G.D. Searle's
Daypro; carbamazepine (chewable), a generic form of Novartis' Tegretol;
clonazepam, a generic form of Roche's Klonopin; flurbiprofen, a generic form of
Pharmacia's Ansaid; and tramadol hydrochloride, a generic form of R.W. Johnson
Pharma Research Institute's Ultram.

       Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops,
manufactures and distributes generic and private-label prescription drugs to
some of the nation's largest wholesalers, distributors, drugstore chains,
healthcare systems and state and federal agencies. Sun Pharmaceutical Industries
Ltd., is India's fifth largest pharmaceutical company and owns about one-half of
Caraco's outstanding shares of common stock.

Safe Harbor. This news release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Such statements are based on management's current expectations and are
subject to a number of risk factors and uncertainties that could cause actual
results to differ materially from those described in the forward-looking
statements. These risk factors and uncertainties are contained in the
Corporation's filings with the Securities and Exchange Commission, available
free via EDGAR. The Corporation assumes no responsibility to update
forward-looking statements.



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(unaudited)                                        Six Months Ended June 30             Three Months ended June 30

                                                    2003                2002              2003                2002
                                                                                                
Net Sales                                        20,611,537           8,929,408        11,889,937           5,627,449
Cost of goods sold                                8,929,408           4,413,468         4,427,464           2,565,921
Gross Profit                                     11,958,124           4,515,940         7,462,473           3,061,528

Selling, general & administrative                 3,089,820           1,839,689         2,140,036           1,084,584
expenses
R&D Cost                                          1,526,719           1,571,502           626,788             720,630
R&D cost to affiliate                                                 2,790,720                             2,790,720
Operating income / (loss)                         7,341,585          (1,685,971)        4,695,649          (1,534,406)

Interest
Interest expense                                   (817,722)           (745,982)         (375,470)           (376,915)
Interest income                                       7,044               2,420             5,978               1,481
Net interest expense                               (810,679)           (743,562)         (369,492)           (375,434)

Net income / (loss)                               6,530,906          (2,429,533)        4,326,158          (1,909,840)

Net income / (loss) per diluted                        0.26               (0.11)             0.17               (0.08)
common share




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