Quick view: GSK Q3 net declines 33.73% to Rs 100.95 cr

Updated: Nov 12 2013, 11:16am hrs
GlaxoSmithKline Pharmaceuticals (GSK) on Monday reported a 33.73% decline in standalone net profit to R100.95 crore for the third quarter ended September 30 against a standalone net profit of R152.34 crore a year ago. The company follows January to December financial year. Quarterly net sales fell 7% year-on-year due to the amended Drug Price Control Order which adversely impacted its sales in certain regions of the country. In early-October, the company had warned of low sales trend in the quarter. For the quarter ended September 30, the companys net sales were R620.54 crore compared with R668.5 crore in the year-ago period.

Pfizer Q2 standalone net up 33% at R69.59 crore

Pfizer on Monday reported a 33.11% rise in standalone net profit to R69.59 crore for the second quarter ended September 30. It had posted net profit of R52.28 crore for the July-September quarter of 2012-13 fiscal. Total income from operations rose to R298.87 crore from R268.44 crore in the year-ago period. For the first half of the current financial year, the net profit of the company stood at R117.22 crore against R381.16 crore for the same period year ago.

USFDA approves generic version of GERD drug

The US Food and Drug Administration approved a generic version of rabeprazole sodium delayed-release tablets used to treat a chronic form of acid reflux disease called gastroesophageal reflux disease or GERD.

Dr Reddys Laboratories, Lupin, Mylan and Torrent are among the six Indian companies who received the approval. Mumbai-based Lupin said separately that it launched a 20-mg version of the drug. The medicine which was initially patented by Japans Eisai had annual US sales of about $864.3 million.

Chennai Petro restarts unit after shutdown

Chennai Petroleum has restarted a crude distillation unit at its 190,000 barrels per day (bpd) Manali refinery in Chennai after a one-month planned maintenance, industry sources said on Monday. The company had shut its No. 1 crude unit with a capacity of about 50,000 bpd in October for a planned maintenance and returned the unit online on November 5, a source close to the matter said. There are two other crude units at the refinery. There are no other planned maintenance scheduled at the refinery for this year, the source added. Chennai Petroleum owns 2 refineries in Tamil Nadu with a combined capacity of 230,000 bpd. The other smaller refinery is located at Nagapattinam.

Suven Life Sciences Q2 net up 7-fold at R45.54 cr

Suven Life Sciences on Monday reported over 7-fold increase in standalone net profit at R45.54 crore for the second quarter ended September 30, 2013-14, on account of higher sales. The company had posted a standalone net profit of R6.48 crore in the same period of previous fiscal, 2012-13. Net sales during Q2, 2013-14, were at R151.41 crore against R50.25 crore in the year-ago period. Overall expenses were at R82.21 crore in the July-September quarter compared to R40.56 crore during the same period last year.

Hexaware Tech net rises 17.4% to R98.7 crore

Hexaware Technologies reported a net profit of R98.7 crore for the July-September quarter, up 17.4% from R84 crore in the corresponding quarter last year. Total revenue for the quarter rose 22.4% to R621 crore from R508 crore. On a sequential basis, the revenue grew 15.7% and net profit went up marginally by 0.8%. The company added 13 clients during the quarter and has reported an addition of 250 employees across business. Baring Private Equity Asia recently acquired a controlling stake in the company.

JP Power Ventures pledges more shares

Jaiprakash Power Ventures on Monday said the amount of shares in possession of IDBI Trusteeship Services on behalf of lenders increased to 10.83%. Prior to this deal, the amount of companys shares held with the entity stood at 7.56%. NDU of equity shares of Jaiprakash Power Ventures with IDBI Trusteeship Services as security for and on behalf of lenders are the acquirer and PACs, the filing said. With regard to the mode of acquisition, the company said it is by way of NDU as security for the benefit of lenders. Jaiprakash Power Ventures, part of Jaypee Group, owns and operates various power projects, including the 1,000-MW Karcham-Wangtoo hydel plant in Himachal Pradesh.

Biocon sets up academy to bridge skill deficit

Biocon, Indias largest biotechnology company, on Monday said it has set up Biocon Academy in an initiative to bridge the skill deficit in the biotechnology sector. The academy, into which Biocon has invested R10 crore, expects to enroll around 100 students through 2014 for its flagship 16-week biosciences certificate programme which will be conducted in collaboration with the Keck Graduate Institute in California.