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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (4220)	5/6/1999 11:24:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Nicholas Piramal-Net Profit up 19%,Sales up 14% to Rs.441.8 crore. nicholaspiramal.com Nicholas Piramal net up 19% at Rs 45 cr; sales touch Rs 442 crore (Anju Ghangurde-Financial Express) -------------------------------------------------------------------------------- MUMBAI, May 6: Nicholas Piramal has registered a 19 per cent increase in net profit for the year ended March 1999 at Rs 45.4 crore as against Rs 37.9 crore in the previous year. Sales for the year were higher by 14 per cent at Rs 441.8 crore as against Rs 387.4 crore in the previous year. The board has recommended a dividend of 55 per cent for the year ended March 1999. The results for the fiscal ended March 1999 are not strictly comparable given that effective April 1, 1998, the company had spun off its flacconage division and its bulk drugs business into separate entities. The robust performance comes even as the Piramal group's healthcare sales scaled the Rs 1,000 crores mark for 1998-99. A company press release said, ''The first decade has seen a 50 fold expansion with a combination of organic growth, acquisitions and mergers taking 1998-99 sales beyond the thousand crore milestone to Rs 1,017 crore.'' Of this, Nicholas Piramal accounted for sales of Rs 441.8 crore, Gujarat Glass (the flacconage unit)brought in roughly Rs 183.8 crore, Global Bulk Drugs accounted for sales of Rs 42.4 crore, while the joint ventures posted cumulative sales of Rs 348.7 crore for the year ended March 1999. Nicholas Piramal, the flagship company, saw other income rising to Rs 7 crore, while total expenditure increased to Rs 374.6 crore as against Rs 329.7 crore in the previous year. Interest and taxation stood at Rs 14.5 crore and Rs 5.5 crore respectively. It launched 12 new products during the year namely Recormon, Accutrend, Amexyl, Exerge, Fortovase and Carvetrend. A company release said that the highlight of the 1998-99 performance was the solid contribution of ethical and OTX pharma formulations.''These provide the foundation for strong profit growth in the years ahead. In the hitech areas of diagnostics and biotechnology, Piramal has clearly emerged as a research leader,'' it adds. Ayurvedic firm in fold The Mumbai-based Nicholas Piramal has acquired a 50 per cent stake in an ayurvedic company nowchristened, Solimix Piramal. Solimix Piramal, which was acquired some months ago, has since nearly doubled turnover to Rs 12 crore. Details on the investment made in this company could, however, not be got. Analysts say that this acquisition, comes even as company has identified roughly six new discovery projects in the areas of anti-infectives, cardiovascular, anti-diabetic and anti-cancer segments. The company is also believed to be working on 10 products in the area of chiral synthesis while another six are in development in the area of phytochemistry, analysts added. Insight Consolidated profit up For the first time NPIL has reported a consolidated profit and loss statement for FY 99. The company has reported a consolidated profit of Rs 65.7 crore, which includes profit amounting to Rs 20.3 crore on account of its subsidiary companies. Of this figure a sum of Rs 11.6 crore is attributable to non-promoting shareholders of both the subsidiaries. Though the pharma division has recordeda growth of 14 per cent its bottomline has improved by 19 per cent mainly on account of improved operating margins. As far as the performance of the subsidiaries are concerned, though the flacconage unit has performed extremely well, the bulk drug division has shown a loss.