Nicholas Piramal (NPIL) has posted 69.9 per cent fall in net profit during the quarter ended December 31, 2005, at Rs 23.87 crore as compared with Rs 78.92 per cent in the corresponding period last year. | |
| Net sales for the quarter were Rs 350 crore, representing a growth of 9.2 per cent, while the consolidated sales were Rs 400 crore, up 17.3 per cent. |
| |
| During the period, exports reached Rs 65.05 crore, a growth of 66.2 per cent. Export revenues currently contributes about 18.4 per cent to the company sales. |
| |
| The company stated that the lower sales of its leading brand, Phensedyl, and withdrawal of two valdecoxib brands, Vah and Valto, in which the company was a leader, affected the third quarter profitability. NPIL also booked a marked-to-market foreign exchange loss of Rs 2.09 crore during the quarter. |
| |
| As a result, the operating profit margin during the quarter was lower at 12.4 per cent compared with 17.1 per cent in the corresponding quarter last year. |
| |
| Domestic formulations business of NPIL grew above market rate in all the therapeutic segments, except respiratory, NSAIDS and anti-infective segments. |
| |
| During the quarter, revenues from NPIL's first custom manufacturing contract with Advanced Medical Optics Inc increased to Rs 8.09 crore. |
| |
| During the review period, NPIL also announced signing of three new custom manufacturing contracts with AstraZeneca and Pfizer International Llc. During the quarter, NPIL also made its first global acquisition in the custom manufacturing business. |
| |
| It acquired Avecia Pharmaceuticals, UK, for a consideration of £9.5 million. The acquisition was completed on December 3, 2005. Revenues from Avecia pharmaceuticals were Rs 32.58 crore during the period. |
| |
|
| |
