Piramal sees 17% revenue growth in fiscal 2010

Piramal sees 17% revenue growth in fiscal 2010
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First Published: Sat, Apr 25 2009. 12 09 AM IST

 Stategy: Piramal Healthcare chairman Ajay Piramal. Abhijit Bhatlekar / Mint
Stategy: Piramal Healthcare chairman Ajay Piramal. Abhijit Bhatlekar / Mint
Updated: Sat, Apr 25 2009. 12 09 AM IST
Mumbai: Mumbai-based pharmaceutical firm Piramal Healthcare Ltd expects modest revenue growth in fiscal 2010 after FY09 profits beat street expectations, dipping 13% to Rs115 crore.
Stategy: Piramal Healthcare chairman Ajay Piramal. Abhijit Bhatlekar / Mint
“We will grow between 16% and 17% in terms of revenues. Our operating margin was 20.5% last year, and this year it should be in the region of 21-22%,” chairman Ajay Piramal said. Last fiscal year, the company’s revenue grew 20% to Rs851 crore.
Piramal added that he would look at reducing the company’s dependence on business from Pfizer Inc. at its Morpeth facility in the UK over the next two-three years. He wants business from Pfizer to account for just 30% of the Morpeth facility’s revenues.
cnbctv18@livemint.com
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First Published: Sat, Apr 25 2009. 12 09 AM IST