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PRESS RELEASE
Nicholas Piramal reports Q3 FY2007 results; Consolidated Revenues up by 60.1% to
Rs. 6.5 billion, Operating Profit up by 185.3% to Rs. 970.4 million, Net Profit up by 473.9% to
Rs. 555.5 million
Mumbai, 18 January 2007: Nicholas Piramal India Limited (NPIL) today reported third quarter (Q3) results for FY2007.
Total Operating Income on consolidated basis for the quarter ended 31 December 2006 was up by 60.1% to Rs. 6.5 billion over Q3FY06. Operating profit increased by 185.3% to Rs. 970.4 million. Net profit for the quarter was up by 473.9% to Rs. 555.5 million.
During the quarter, NPIL’s domestic branded formulations business reported a growth of 12.6%. NPIL unveiled a new growth initiative in domestic market by launching a new division called NPIL Healthcare Pvt. Ltd. for mass-market branded formulations focusing specially on general physicians.
NPIL’s global sales (excluding India) registered a growth of 208.9% to Rs. 3.0 billion, largely due to consolidation of revenues of the businesses acquired in UK from Avecia/Pfizer. Sales outside India now form 46% of the total revenues of NPIL.During the quarter, Sales from Custom Manufacturing contracts from Indian Facilities were Rs.179.5 million. The Avecia UK operations continue to remain on track for break-even by year-end, with good sales growth in the business. The Pharmaceutical Development Services (PDS) business has continued to show significant growth across the Canadian and India assets.
During the quarter, NPIL witnessed significant traction in its discovery research pipeline. The Company estimates that five New Chemical Entities and one Phyto-pharmaceutical molecule will enter Phase-I clinical trials in 2007. R&D expenditure during the quarter was up by 75.6% from Rs. 176.1 million in Q3FY06 to Rs. 309.2 million.
Wellspring, the Pathlabs arm of NPIL increased its network to 35 locations and over 70 processing labs across India. During the quarter, Wellspring had Sales of Rs.166.9 million, representing a growth of 53.2%.
For further information contact:
Notes to editors:
About Nicholas Piramal India Limited: Nicholas Piramal India Limited ("NPIL") is one of India's largest pharmaceutical companies with a growth track record of above 29% CAGR since 1988. The Company is currently ranked 4th in the Indian market with a diverse product portfolio spanning nine therapeutic areas. NPIL's had consolidated Revenues of Rs. 15.8 billion in 2005-06. The Company has R&D capabilities in Custom Chemical Synthesis, Process Innovation, NDDS and Basic Research. It has world-class formulations facilities and USFDA-approved API facilities without any 483s.
NPIL has a long track record of successful collaboration with innovator companies. Since 2003, the Company has made significant investments to become a global custom manufacturing organisation (“CMO") for large and medium-sized innovator companies. Nicholas Piramal has a global CMO footprint across North America, Europe & Asia, and is committed to respecting Intellectual Property.
NPIL is listed in India on the Bombay Stock Exchange and National Stock Exchange.
For further information, please mail
investorrelations@nicholaspiramal.co.in or visit www.nicholaspiramal.com
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