Financial Daily from THE HINDU group of publications
Saturday, Jan 22, 2005
Financial Daily from THE HINDU group of publications Saturday, Jan 22, 2005 |
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Corporate Results
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Pharmaceuticals Roche payment helps Nicholas post 118 pc rise in Q3 net profit Our Bureau
Mumbai , Jan. 21 NICHOLAS Piramal India Ltd (NPIL) has clocked a 13.8 per cent growth in net sales from continuing operations and a 118.2 per cent growth in net profit for the third quarter ended December 31, 2004. The profits were partly on the back of a Rs 45-crore payment from Roche Diagnostics, as a consideration for the return of the diagnostics business, Mr Ajay Piramal, Chairman, told select media, after the board meeting here on Friday. The biotechnology and diagnostics business, totally worth about Rs 62 crore, have gone out of the NPIL stable. But the loss on profit and sales will be compensated by the Roche payment, he said. The two companies parted ways late last year and NPIL was to be compensated by Rs 100 crore. The company's profit after tax was Rs 78.92 crore for the three-month period ended December 31, 2004, compared to Rs 36.17 crore for the same period in the previous year. At Rs 324.12 crore, NPIL clocked a net sales growth of 6.5 per cent without excluding discontinued businesses. Net sales growth (excluding the discontinued businesses) was 13.8 per cent. During the third quarter, Nicholas Piramal also signed its first overseas acquisition — when it acquired the global inhalation anaesthetics business of UK's Rhodia Organique Fine Ltd for a consideration of $14 million. While this is not reflected in the quarter under review, Mr Piramal said the company was open to acquisitions in developed markets. Elaborating on plans for the inhalation anaesthetics business, he said that NPIL would look to go up the value chain and bring down costs, by manufacturing in India. On the two custom manufacturing deals expected to be inked by it by March this year, he said that the company was on course, but it may extend beyond this fiscal. Nicholas Piramal's exports at Rs 33.2 crore continued to expand, reaching 10.2 per cent of net sales for the third quarter.
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