Financial Daily from THE HINDU group of publications
Wednesday, Oct 22, 2003
Financial Daily from THE HINDU group of publications Wednesday, Oct 22, 2003 |
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Corporate Results
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Pharmaceuticals Nicholas Piramal net rises 82.4 pc in Q2 Our Bureau
Mr Ajay Piramal, Chairman, Nicholas Piramal India Ltd, addressing a press conference held in Mumbai on Tuesday. - Paul Noronha
Mumbai , Oct. 21 NICHOLAS Piramal India Ltd registered a 82.4 per cent increase in its net profit during the second quarter of the current fiscal compared to the corresponding period of last fiscal. The company's profit for the quarter was Rs. 47.69 crore compared to Rs. 26.15 crore registered during the second quarter of last fiscal. The profit during the April to September period has been Rs 72.9 crore against Rs 57.30 crore registered during the first half of last fiscal. The EPS after "extraordinary items" nudged the Rs 12.48-mark, a significant increase from Rs 6.88 during the second quarter of last fiscal. On the sales front, the company has registered a 22.3 per cent growth in net sales during the second quarter, touching Rs 311 crore (Rs. 254.26 crore). The company's domestic formulation business, which contributed to 72.4 per cent of its total sales, growth by 13 per cent in the first half of the current fiscal, against an industry growth level of 4.4 per cent. However, the results for the second quarter cannot be strictly compared with those in the corresponding period of last fiscal, as the quarter's figures include the results of the erstwhile Global Bulk Drugs and Fine Chemicals Pvt Ltd, which was merged with the company on January 1, 2003. The company's Chairman, Mr Ajay G. Piramal, told presspersons that the company was at present on the threshold of a significant increase on the export front. The company's exports have grown to Rs 48.25 crore in the first half of the current fiscal against Rs 16.42 crore registered during the corresponding period of last fiscal. The company expects to clock an export turnover of Rs 100 crore in the current fiscal. It has filed two DMFs, including one for Verapamil Hydrochloride during the last quarter. On the research front, Mr Piramal said the company has earmarked Rs 75 crore as capital expenditure for its R&D activity for the next two years. The new R&D facility at Goregaon in Mumbai will be focusing on rheumatology and cancer research, apart from new chemical entities and new drug delivery systems. The Chairman also said the company was exploring possibilities for partnering with innovator companies for Active Pharmaceutical Ingredients and formulations. He, however, did not name any of the innovator companies, stating that "at this stage it is too early for comment".
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