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Publication : Economic Times
Provider : Times Internet Limited
July 1, 2004
Pharmaceuticals - Pfizer Q2 net rises to Rs 9 cr, sales up 19%
Mumbai : The Indian arm of the world's largest drug maker, Pfizer, has
registered a 673% increase in net profit to Rs 9.4 crore for the second
quarter ended May 31, '04, from the corresponding period last year.
Net sales for the period rose by 18.8% to Rs 127.5 crore, with total income
rising to Rs 137.5 crore, against Rs 119.1 crore in the year-ago period.
Net sales had declined in the second quarter of last fiscal, mainly on account of a general slow down in the pharmaceutical market and uncertainty on VAT implementation, resulting in low offtake by the trade and planned
de-stocking at the wholesalers level.
For this fiscal, revenues from the company's pharmaceuticals business grew
by 16% to Rs 114.8 crore. Its animal health business saw a 18.4% increase in
revenues, to Rs 14 crore.
The company has staggered compensation paid under the Voluntary Retirement Scheme (VRS) up to November 30, '01, which is charged to the profit and loss accounts over a period of three years, while compensation paid under the VRS effective from December 1, '01 is charged to the profit and loss accounts over a period of five years.
Other income, which includes service income, for the quarter was at Rs 5.5 crore, almost half that of the previous fiscal's Rs 9.8 crore.
The net sales of Pfizer's wholly owned subsidiary, Duchem Laboratories, for
the quarter was Rs 2.4 crore, against sales of Rs 4.3 crore last year. The
subsidiary has made a net loss of Rs 24 lakh for the period under review,
compared to a net loss of Rs 1.5 crore last year.
Net sales for the half year ended May 31, '04, was at Rs 256.7 crore,
registering a growth of 23.2%. Net profit for the period was at Rs 21.6
crore, up 137.5% from the corresponding period last year.
Pfizer's scrip closed at Rs 450.95 on the Bombay Stock Exchange, up 4.56%
from the previous close.
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