PRESS RELEASE

Nicholas Piramal’s operating profit surpasses Rs. 2 billion; 
Export sales cross Rs1 billion; 
Consolidated EPS exceeds Rs 50 for FY 2003-04

In Q4 FY04 NPIL registers 96% growth in PAT and 62% growth in Sales

Mumbai 22 April 2004: Nicholas Piramal India Limited (NPIL) has crossed the significant landmark of Rs 1 billion in export sales. The operating profit before exceptional items and tax also crossed Rs. 2 billion milestone. NPIL’s earning per share stood at Rs 52.1 (Consolidated basis - Previous year Rs 30.3) and Rs 49 (standalone basis - Previous year Rs. 31). For the full year NPIL has registered a 31.6% growth in Net Sales (from Rs 9642.3 million in FY 02-03 to12690.5 million in FY 03-04) and 59.2% growth in Net Profit (From Rs 1181.1 million in FY 02-03 to1880.1 million in FY 03-04). 

NPIL’s R&D expenditure increased to Rs. 301.9 million in FY04 from Rs. 168.5 million in FY03.

For the fourth quarter ended 31st March 2004 NPIL has registered an impressive growth of 61.8% in Net Sales and 95.7% growth in Net Profit. Net Sales stood at Rs. 4,322.8 million (Q4FY03: Rs. 2,671.9 million). Operating Profit Before Interest, Depreciation & Tax grew 51.9% to Rs. 812.7 million in Q4FY04 from Rs. 535.2 million for the corresponding quarter in FY03. Net Profit grew to Rs. 775.3 million compared to Rs. 396.2 million in Q4FY03.

NPIL’s Domestic Formulations business outperformed the market for the eighth consecutive quarter. Each has delivered an organic growth of 13% during the year against an industry growth rate of 7.3% (ORG-MARG MAT Mar-04).

For the whole year, NPIL delivered an impressive growth in therapeutic areas such as Respiratory (22.4%), CNS (16.4%), Anti-Diabetic (37.5%) and Dermatology (36.2%) over the corresponding quarter for the previous year. Top-10 Brands formed 30.4% of the portfolio.

Through FY04, NPIL has implemented a differentiated Exports strategy, which is built on partnership with Global Innovator Companies for long-term Custom Manufacturing contracts. In line with this focus, NPIL’s FY04 Exports reached Rs. 1,076.6 million (8.5% of total Sales).

Announcing the results, Mr. Ajay Piramal, Chairman, NPIL, stated: “NPIL’s differentiated business strategy has now taken deep roots with yet another strong performance crossing significant landmarks in exports, profit and EPS.” “Our efforts will now be towards making the next big leap-forward to achieving excellence & leadership in the Global marketplace. Nicholas is at the threshold of opportunity,” he added.

Nicholas Piramal India Limited
Nicholas Piramal India Limited (NPIL) is India’s second largest Pharmaceutical and Healthcare Company in the domestic market. NPIL has a strong presence in Respiratory, Antibiotics, Neuro-psychiatry, Anti-diabetic and Pain management segments. In 2003-04, its revenues stood at Rs 12.7 billion and PAT at Rs. 1.9 billion.

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