By Jeetha D’Silva
Mumbai: Drug maker Nicholas Piramal India Ltd (NPIL) announced 262.2% rise in its net profit for the January-March quarter, to Rs55 crore, on the back of a reduction in input costs and a rise in sales by its UK and Canada operations.
Net sales for the quarter ended March 2007 were Rs645.2 crore, up 51.7% compared with the corresponding quarter of the previous year. The company’s operating profit increased 137.9% to Rs85 crore for the quarter. Nicholas Piramal’s stock price remained flat at Rs249.95 on the Bombay Stock Exchange on Thursday.
Global sales (excluding India) grew 146.1% to Rs320 crore, as consolidation of overseas businesses acquired from Avecia Pharmaceuticals and Pfizer’s Morpeth facility, UK, brought in operational efficiencies, chairman Ajay Piramal said.
For the year ended March 2007, Nicholas Piramal’s consolidated sales grew 55% to Rs2,471.9 crore and net profit was up 80.7% to Rs220 crore. Consolidated earning per share (EPS) for the year were Rs10.3, up from Rs5.8 in the previous year. EPS is arrived at by dividing a firm’s net profit by the number of its outstanding equity shares.
During the year, the company’s R&D expenditure has gone up 63% to Rs130 crore. “Our discovery research pipeline has expanded to 13 new chemical entities. Of these, three molecules are in human phase I/II trials,” said Piramal.
Nicholas Piramal has integrated the manufacturing facility at Morpeth, UK, with its global custom manufacturing operations. The company has also completed a turnaround of Avecia Pharmaceuticals.
The company’s board has declared a final dividend of 25% in addition to the interim dividend of 150%, making it a total of 175% for the year.