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PRESS RELEASE
Nicholas Piramal reports
Q1 FY2007 results; Total Revenues up 31.2% to Rs. 5.2 billion,
Net Profit up by 7.3% to Rs. 538.6 million.
Mumbai, 20 July 2006: Nicholas Piramal India Limited (NPIL) today reported first quarter (Q1) results for FY2007.
Total Revenues on consolidated basis for the quarter ended 30 June 2006 were up by 31.2% to Rs. 5.2 billion over Q1FY06. Operating profit has gone up by 16.2% to Rs. 877.3 million. R&D expenditure as a % of sales has gone up from 3.3% of sales in Q1FY06 to 5.8% of sales in Q1FY07. Net profit for the quarter was up by 7.3% to Rs. 538.6 million.
On the domestic front, NPIL continued to be the 2nd fastest growing company among the Top-10 pharmaceutical companies, growing on a MAT basis at 24.4% vs. market growth of 16.2% (as per ORG IMS MAT-May 2006). Phensedyl sales continued to be on track after the disturbances last year. The formulations business grew by 2% over corresponding quarter last year, despite the VAT spillover of sales in Q1 last year. If spillover sales are excluded for comparison, the domestic branded formulations business registered a growth of 16.6%.
NPIL’s International Business continued to show robust growth during Q1FY07. During the period, Revenues from International business reached Rs. 1.77 billion, a growth of 213%, primarily arising from the revenues of NPIL Pharma (UK) Ltd. The revenues from International business now form 33.8% of Company Sales.
On a standalone basis, total revenues of the company grew by 6.5% to Rs. 4.0 billion, while net profit was down by 5.8% to 510.0 million.
On the R&D front, apart from the one NCE, which is currently in Phase I/II, two mono herbal products are now in Phase II. By the end of the financial year 2006-07, four more candidates are expected to be in human clinical trials.
During the quarter, NPIL continued to expand it global footprint. It made its third international acquisition, by acquiring Pfizer’s Morpeth facility, which came with supply agreement with Pfizer upto November 2011 having potential revenues totaling US$350 million. Since the acquisition was completed on 19 June 2006, it has no significant effect on Q1 results.
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