Cadila Healthcare Q1 net dips 15%

Ahmedabad based drug major Cadila Healthcare (Zydus Cadila) Ltd reported a 15 per cent dip in net profit during the the first quarter of the current fiscal ended June 30 at Rs 132.7 crore compared to Rs 152.9 crore in the corresponding quarter last fiscal. Net sales during the quarter has grown by 4.8 per cent on a year-on-year basis to Rs 819.4 crore.

Pankaj Patel, chairman and managing director, Cadila Healthcare explained, "Last year in the same quarter we had a one-time income from the licensing deal with Abott, which was around Rs 43 crore. This is not featuring in this quarter's result." The company's expenditure during the quarter under review has also risen from Rs 591.4 crore in FY12 to Rs 628.5 crore in FY13. Employee costs has risen from Rs 99.9 crore in the first quarter of 2011-12 to Rs 127 crore in Q1 of 2012-13.

On a consolidated basis, for the first quarter ended June 30, 2012, Zydus Cadila reported sales of Rs 1547 crore, up by 30 per cent from Rs 1189 crore in the corresponding quarter of the previous year. The profit before tax, excluding one-time income, is up by 22 per cent to Rs 266 crores from Rs 218 crores in the first quarter of 2011-12.

In the domestic formulations market, the company posted sales of Rs 582 crores., up by 27 per cent. The company launched 30 new products, including line extensions, of which 10 products were the first to be launched in India, a company statement said.

During the quarter, the company’s revenues were driven by 50 per cent year-on-year growth in the US business and a 37 per cent growth in Brazil. Exports to the emerging markets grew by 84 per cent.

With the recent approval from the USFDA for its facility at Moraiya, the company expects to start getting new product approvals, which will further strengthen its US business. During the quarter, the company launched three products in Japan including one Day-1 launch. All three products have been developed and manufactured in India. Further strengthening its regulatory pipeline, the company filed nine abbreviated new drug applications (ANDAs) including two for injectible products, taking the cumulative number of US ANDA filings to 157.