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Drug-maker Piramal Healthcare expects its contract research and manufacturing services (CRAMS) and over-the-counter (OTC) products business to drive top line growth in the current fiscal.
The OTC business was slated to grow at 45-50 per cent in the year from Rs 150 crore last year, the Chairman, Mr Ajay Piramal, said. CRAMS recorded sales of Rs 290 crore during the quarter ended June 30, 2011.
“In CRAMS segment, there were problems in the Middle-East following crisis in Libya and Egypt. Hence, we did not get the tenders and orders. But the situation has now changed,” he said. “In the OTC space, we plan to acquire new brands and drive sales growth through advertising and promotion.”
Revenue from Piramal's critical care business fell to Rs 91.10 crore in April-June from Rs 108 crore last year due to deferment of sales in markets other than India and US, it said in a statement.
NBFC plans
Piramal Healthcare plans to spend Rs 750 crore as equity capital to set up a non-banking financial company in the current quarter, Piramal said.
The company posted a net profit of Rs 89.23 crore for the quarter ended June 30, 2011. Operating income for the quarter stood at Rs 512 crore.
The figures for the quarter ended June 30, 2011, are not comparable to the previous quarter, due to the sale of Piramal's domestic formulation business and diagnostics services, the company said.
Shares of Piramal closed at Rs 380.65 on the BSE on Tuesday, down 0.31 per cent from its previous close.
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