Though operating profit grew by 13.8 per cent during the quarter under review over the corresponding quarter last year, operating margins declined to 19.5 per cent from 19.9 per cent last year.
Commenting on the performance, NPIL chairman Ajay Piramal said, Nicholas Piramal has bucked industry trends we are growing organically and demonstrating value for our shareholders.
During the quarter, formulations grew at 23.4 per cent (sales Rs 207.95 crore) over the corresponding period in the previous year. For the nine months ended December 31 02, the net profit grew by 72.6 per cent to Rs 75.49 crore (Rs 45.48 crore) while the net sales grew by 17.2 per cent to Rs 697.03 crore (Rs 594.93 crore).
Among its divisions, formulations, diagnostics and vitamin A grew by 15 per cent, five per cent and 32 per cent respectively while Cardex (formerly ICI) declined by 12 per cent for the nine month period ended Dec 31, 2002.