Claris Life consolidated net profit at Rs 15.4 cr in June 14

Leading sterile injectables pharmaceutical company Claris Lifesciences today reported a net profit of Rs 15.47 crore for the second quarter ended June 2014.

The company had posted a net profit of Rs 18.15 crore in the same period last year.

The company's net revenues for the quarter stood at Rs 151.05 crore as against Rs 202.20 crore in the same period last year.

The results are not comparable due to the transfer of the infusion business in India and emerging markets to the joint venture in August 2013, a company statement said here.

The profit after tax (PAT) for H1CY14 stood at Rs 28.8 crore as against Rs 33.6 crore in the same period last year. The PAT margin for H1CY14 stood at 10 per cent of the net revenues.

The Speciality Injectable business has seen an increase of 30 per cent over H1CY13 mainly on the back of increased sales traction from countries like the US, the UK, the Philippines, Brazil and Venezuela to name a few.

The capacity expansion in the new plant has commenced with the delivery of the first of the two lines planned in this phase of expansion, this line has been installed and is ready for commercial sales. The second line is expected to be ready for manufacturing by end of this year, the company said.

The company has received the re-approval of its flagship plant from the USFDA and has also received approval for the API plant during the audit conducted in October last year. The API plant manufactures iron sucrose and HES for captive consumption, company is awaiting the products approval of the iron sucrose finished formulation in the USA, it said.