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Our Bureau

Mumbai , Jan. 18

Nicholas Piramal India Ltd (NPIL) has reported a 81.32 per cent increase in net profit at Rs 43.3 crore (Rs 23.88 crore) for the quarter ended December 2006. Net sales rose 14.33 per cent to Rs 408.03 crore (Rs 356.89 crore). Sales outside India form 46 per cent of the company's total revenue.

Sales from custom manufacturing contracts from Indian facilities were Rs 17.95 crore. During the quarter, NPIL's domestic branded formulations business reported a growth of 12.6 per cent. The company has also unveiled a new initiative in the domestic market by launching a new division called NPIL Healthcare Pvt Ltd for mass-market branded formulations focusing specially on general physicians.

Total operating income on a consolidated basis for the quarter was up by 60.1 per cent to Rs 650 crore (Rs 405.63 crore). Net profit for the quarter was up by 473.9 per cent to Rs 55.55 crore (Rs 9.68 crore).

Mr Ajay Piramal, Chairman, Nicholas Piramal, attributed the increased profit to the acquisitions the company has made. Shares of the company rose 4.34 per cent to close at Rs 272.60 on the BSE.

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