Piramal Healthcare eyes growing rural market

Piramal Healthcare eyes growing rural market

Hyderabad: Drug maker Piramal Healthcare will spread its operations to smaller cities to capture rural Indian market, the company said on Wednesday.

“Nearly 140 million Indians are moving up to the middle class segment. We want to capture a large part of this mass market. This is a multiplier growth for the whole Indian pharma industry," Swati Piramal, director of Piramal group said on the sidelines of Indi-Gulf Business forum 2009 held in Hyderabad.

The company will also spend part of the Rs1,000 crore, it is planning to raise, on acquisitions, Piramal said.

At present, the company operates in 100 countries and plans to increase its footprint further.

Refusing to divulge company’s financial forecast, she said the last two quarters saw 25% growth in net profit. The company recorded Rs106.27 crore net profit on an income of RsRs999.99 crore.

She said the company’s manufacturing facility near Hyderabad has been trice certified by United States Financial Data Center. The drugs produced at the facility are also exported to the US.

The exports to the US and the UK account for 50% of the company’s total exports, she said.