Nicholas Piramal declares higher NP at Rs 7.38 cr for Q3

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Mumbai, Jan 18 (UNI) Nicholas Piramal India Limited (NPIL) has posted a higher net profit of Rs 7.38 crore for the quarter ended December 31, 2007 as compared to Rs 4.33 crore for the quarter ended December 31, 2006.

The total income of the Company has increased from Rs 40.80 crore for the quarter ended December 31, 2006 to Rs 49.21 crore for the quarter ended December 31, 2007.

Declaring the result, Company Chairman Ajay Piramal told newsmen, ''During the quarter ended December 31 2007, NPIL also entered into a 49:51 joint venture with Japan-based Arkay Piramal Medical Private for marketing diagnostic products mainly Self Monitoring Blood Glucose System in India.'' ''On the Research and Development (R&D) front, NPIL secured product patent from US Patent and Trademark Office for its Cyclin-Dependent Kinase (CDK) inhibitors. The Company also entered into a collaboration agreement with Merck&Company to discover and develop new drugs for two selected targets provided by Merck,'' Mr Piramal informed.

The de-merge process of NCE R&D unit is on the verge of completion. The NCE R&D expenditure for the quarter was Rs 2.28 crore and Rs 6.58 crore respectively for nine months ended on December 31, 2007. Without considering the NCE R&D spend and exceptional items, the Earning Per Share (EPS) was Rs 4.7 for the quarter and Rs 12.8 for nine months ended December 31, 2007.

Meanwhile, the Group has posted a net profit of Rs 7.27 crore for the quarter ended December 31, 2007 as compared to Rs 5.55 crore for the quarter ended December 31, 2006. Total Income has increased from Rs 64.97 crore for the quarter ended December 31, 2006 to Rs 73.63 crore for the quarter ended December 31, 2007, Mr Piramal added.

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