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PRESS RELEASE
Nicholas Piramal reports
Q3 FY2008 results;
Total Revenues grow 13% to Rs. 7.3 billion, Net Profit up by
31% to Rs. 727.6 million.
Domestic formulations Sales grow by 15.6% to Rs. 3.4 billion
Mumbai, 18 January 2008:
Nicholas Piramal India Limited (NPIL) (NSE: NICOLASPIR, BSE:
500302) today reported third quarter (Q3) results for FY2008.
Consolidated Revenues for the quarter ended 31 December 2007
increased by 12.8% to Rs. 7.3 billion over third quarter of
FY2007. Operating Profit grew by 24.9% to Rs.1.2 billion,
while Net Profit for the quarter grew by 31.0% to Rs. 727.6
million. EPS for the quarter was up by 31.2% to Rs. 3.5
During the period under review, the domestic branded
formulations sales grew 15.6% to Rs.3.4 billion as compared to
market growth of 12.3% (ORG-IMS MAT Nov-07). NPIL outperformed
the market in 6 out of the total 10 therapeutic areas and grew
particularly well in Dermatology, Ophthalmology, and OTC
segments of the market.
The Company’s Custom Manufacturing (CMG) Sales grew 7% to Rs.
3.4 billion during Q3FY2008. Custom Manufacturing Revenues
from facilities in India increased above 200% to Rs. 554
million during Q3FY2008, compared to Rs. 180 million in
Q3FY2007.
In the Pathlabs business (Wellspring), NPIL continues to
expand rapidly. The revenues for the quarter increased by
88.5% to Rs. 314.7 million during Q3FY2008. Wellspring is one
of largest providers of diagnostic services in India and
currently has 85 centres spread across 57 locations.
During the quarter, NPIL also entered into a 49:51 Joint
Venture with a leading Japanese company ARKRAY, Inc. for
marketing diagnostic products, mainly Self-Monitoring Blood
Glucose System in India.
On the Research and Development front, NPIL secured product
patent from US Patent and Trademark Office for its Cyclin-Dependent
Kinase (CDK) inhibitors. NPIL also entered into a
collaboration agreement with Merck & Co., Inc to discover and
develop new drugs for two selected targets provided by Merck.
The de-merger process of NCE R&D unit is on the verge of
completion. The NCE R&D expenditure for the quarter was Rs.
228.7 million and Rs. 658.9 million for the nine months ended
31st December 2007. Without considering the NCE R&D spend and
exceptional items, the EPS was Rs. 4.7 for the quarter and Rs.
12.8 for the nine months ended 31st December 2007.
NPIL’s investment in this undertaking is pegged at around Rs.
10 crores.
For further information contact:
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 30% 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.
24.7 billion in 2006-07. The Company has R&D capabilities in
Custom Chemical Synthesis, Process Innovation, NDDS and Basic
Research. It has world-class USFDA-approved formulations and
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. 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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