Financial Daily from THE HINDU group of publications
Tuesday, Oct 21, 2003
Financial Daily from THE HINDU group of publications Tuesday, Oct 21, 2003 |
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Corporate Results
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Pharmaceuticals Zydus Cadila Q2 net up 30 per cent Our Bureau
Ahmedabad , Oct. 20 THE Zydus group's flagship company, Cadila Healthcare Ltd (CHL), has posted a net profit of Rs 39.4 crore for the quarter ended September 30. While this reflected a 30 per cent rise over a net profit of Rs 30.3 crore recorded by the company in the corresponding quarter last year, the sales of CHL during the period stood at Rs 318.3 crore, up 12 per cent from Rs 284.2 crore in the last fiscal. According to the company, it could post a higher net margin of 12.4 per cent as against 10.6 per cent in the comparable quarter last year despite providing for a 50 per cent higher depreciation at Rs 13.2 crore and a provision for income-tax which was 84 per cent higher at Rs 9.5 crore. The increase in operating margins has seen a significant contribution from the Rs 10-crore dividend income from Zydus Altana Healthcare, where CHL holds 50 per cent equity. The other significant driver for the company's growth during the period under review was its export earnings which went up by 36 per cent compared to a domestic sales growth of only 8 per cent. The CHL profit before interest, depreciation and tax reflected a 23 per cent rise at Rs 70.2 crore from Rs 57.2 crore. The company now has recorded a six-month sales of Rs 608.7 crore during April-September 2003, up 16 per cent from Rs 523.4 crore in the first half of 2002-03. Net profit during the six months was at Rs 66.6 crore, up 42 per cent from Rs 47 crore in the corresponding period last year. During the period, Zydus Cadila also became a `partner of choice' for Schering AG which would allow the marketing of select existing and new patented products of the German company in India beyond 2005, initially for a period of 10 years. Also, Zydus Cadila holds a 100 per cent stake in Alpharma France SAS with effect from September 30, a move that is expected to smoothen the way for the company's entry into the European pharmaceuticals market.
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