Nicholas Piramal net soars 76% to Rs 37 crore

Nicholas Piramal India has reported a 76.1 per cent growth in net profit to Rs 37.32 crore for the third quarter ended December 31, 2003 against Rs 21.19 crore in the corresponding period previous year. Net sales increased 19.3 per cent to Rs 262.02 crore (Rs 219.55 crore).

Ajay Piramal, chairman, Nicholas Piramal, said: "Our performance is an outcome of our differentiated business strategy which has now taken deep roots. Our efforts will now be towards making the next big leap-forward to achieve excellence & leadership in the global marketplace."

The operating profit before interest, depreciation and tax grew 26.9 per cent to Rs 54.81 crore (Rs 43.24 crore). Exports grew to Rs 28.11 crore during the quarter.

The company's domestic formulations business outperformed the market for the seventh consecutive quarter, growing 13.4 per cent against an industry growth rate of 5.1 per cent, a company press release pointed out. The company's presence in therapeutic areas reported all round growth.