Nicholas Piramal registers net profit of 549.5 million

Mumbai, Apr 25 (UNI) Nicholas Piramal India Limited (NPIL), posted a net profit of Rs.549.5 million for the quarter ended March 2007.

The company's operating profit increased by 137.9 per cent to Rs 848.9 million for the same quarter. The board has announced a dividend of 25 per cent for its shareholders.

During the quarter, NPIL's domestic branded formulations business grew by 13.3 per cent to Rs.2.6, billion driven by increased productivity of the sales force and growth in both large brands and new products.

Global sales (excluding India) grew 146.1 per cent to Rs. 3.2 billion, driven by consolidation of businesses acquired from Avecia Pharmaceuticals and formerly Pfizer's Morpeth facility, UK. Custom manufacturing revenues relating to contracts from Indian facilities were Rs.227.2 million during the quarter.

During the financial year 2007, NPIL acquired Pfizer's manufacturing facility at Morpeth, UK. The acquisition is alongwith a Pfizer supply contract till November 2011, with potential revenues totalling US0 million.

On the research and development front, expenditure during the year was up by 63 percent to Rs 1.3 billion. NPIL's discovery research pipeline has expanded to thirteen new chemical entities.

NPIL is one of India's leading pharmaceutical companies and is currently ranked fourth in the Indian market with a diverse product portfolio, spanning nine therapeutic areas.

UNI