Nicholas Piramal Q3 net up 37%

Mumbai, January 25: | Updated: Jan 26 2002, 05:30am hrs
Nicholas Piramal India Ltd (NPIL) has registered a 36.7 per cent increase in net profit to Rs 18.35 crore in the third quarter of the current fiscal ended December 31, 2001, as compared to Rs 13.42 crore in the corresponding quarter of the previous fiscal.

Sales for the third quarter increased by 65 per cent to Rs 218.33 crore against Rs 132.50 crore in the corresponding quarter of the previous fiscal.

According to a company press release, the growth was driven by good performance in the cardio-vascular, anti-diabetic, nutritional, therapeutic and respiratory segment. Sales for the nine-month period ended December 31, 2001 stood at Rs 669.11 crore, a increase of 70 per cent compared to sales of Rs 409.16 crore in the same period of the previous fiscal. Net profit for the nine months stood at Rs 69.78 crore, an increase of 48 per cent per cent compared to Rs 47.08 crore in the same period last year.

The staff cost for NPIL in the third quarter has, however, shown a sharp increase of 25.64 per cent to Rs 20.04 crore as compared to Rs 15.95 crore last fiscal.

The company, recently has launched three new molecules. Gatifloxacin, the largest generation quinolone, with substantial market growth potential under two brand names — Gatrim and Gres, with Gatrim emerging as category leader in its segment, said a NPIL press release.

The company also made a significant launch in the CNS market with Zetalo (Citalopram). Xarb (Irbesartan), in the cardio vascular segment in September. The company further stated that it has entered into an agreement for sale of Rhone-Poulenc House property against which it has received part consideration of Rs 33.14 crore, which will be accounted for in accordance with the scheme of arrangement between NPIL and Rhone-Poulenc (India) Ltd.

NPIL during the quarter ended December 31, 2001, has changed with retrospective effect from April 1, 2001, the accounting policy on treatment of expenditure incurred on VRS. u

that was hitherto fully written-off in the year in which the expenditure was incurred. As the benefits of the Vrs are realised over the extended period of time in future, the same is now being amortised over the period of 60 months.