Nicholas Net Profit Rises 20 Per Cent

Net profit at the Rs 542 crore pharmaceutical major, Nicholas Piramal India rose 20 per cent to Rs 20.87 crore in the first half of 1998-99 on top of a sales climb of 17 per cent to Rs 211.8 crore.

The growth was primarily fuelled by new product launches the company made in the first six months.

Expenditure rose 16.6 per cent to Rs 177.67 crore in first half this year from s 152.3 in last year while interest charges rose 10.5 per cent are up 10.5 per cent to Rs 8.25 crore from Rs 7.46 crore.

Depreciation has increased to Rs 4.18 crore from Rs 3.54 crore up 18 per cent. Profit before tax has risen 19.7 per cent to Rs 23.32 crore. The company has made a tax provision of Rs 2.45 crore from Rs 2.1 crore up 16 per cent.

In the second quarter ended September 30, 1998, the company's sales rose 13.8 per cent to Rs 110.91 crore from Rs 97.42 crore in 1997.

Net profit rose 15.48% to Rs 11.26 crore from Rs 9.75 crore. Without the spin-off, the profit would have been Rs 15.53 crore. Second quarter's total expenditure rose 15.2% to Rs 93.61 crore.