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Pfizer net rises 35%

Our Bureau

MUMBAI, July 1

PFIZER India Ltd has registered a 35 per cent increase in net profit at Rs 21.40 crore in the six months ended May 31, 2001 as against Rs 15.89 crore in the same period the previous year.

Net sales increased to Rs 168.32 crore as compared to Rs 145.68 crore in the year-ago period. Other income rose to Rs 28.13 crore (Rs 23.32 crore), while total expenditure slipped to Rs 156.11 crore (Rs 161.50 crore).

Interest expenses dropped to Rs 19 lakh (Rs 20 lakh). Depreciation increased to Rs 3.36 crore (Rs 2.59 crore) and provision for taxation was at Rs 14.23 crore (Rs 10.98 crore).

Earnings per share (basic) for the six months period was Rs 9.13 (Rs 13.56), while diluted was Rs 9.13 (Rs 6.78).

During the three months ended May 31, 2001, the net profit has increased to Rs 12.63 crore (Rs 9.30 crore). Net sales rose to Rs 85.42 crore (Rs 73.52 crore). Other income increased to Rs 15.42 crore (Rs 14.55 crore). Total expenditure for the second qua rter stood at Rs 76.35 crore (Rs 73.24 crore).

Mr Kewal Handa, Director, Finance, Pfizer India Ltd, said the contributions from both new and old products to the sales had been substantial including vaccine for Hepatitis B hepashield, magnex and protinex.

The net sales of the wholly-owned subsidiary, Duchem Laboratories Ltd for the quarter ended May 31, 2001 were Rs 31.19 crore (Rs 30.18 crore). The total sales which includes the turnover of the wholly-owned subsidiary, Duchem Laboratories Ltd aggregating Rs 116.61 crore (Rs 103.70 crore) reflects a growth of 12.5 per cent. The net profit of Duchem Labs was at Rs 24 lakh against a loss of Rs 3 lakh in the previous year.

In November 2000, the company changed the accounting policy of accounting for low cost assets purchased on or after December 1, 1999. In accordance with the revised policy, in respect of the additions to fixed assets during the quarter ended May 31, 2001 , the company has capitalised the assets costing between Rs 5,000 and approximately Rs 47,000 each and has provided 100 per cent depreciation thereon.