Claris Lifesciences Q1 net down 28%

Ahmedabad-based injectables player Claris Lifesciences posted a 28.57 per cent in consolidated profit after tax for the quarter ended March 31, 2013, at Rs 15.5 crore despite a marginal rise in the revenues. The company's consolidated revenues for the quarter stood at Rs 182.2 crore, up around one per cent from Rs 180.4 crore in the corresponding quarter last fiscal.

The company said in a release that nearly 60 per cent of its revenues were from international operations, and the remaining from domestic sales.

The consolidated earnings before interest, depreciation, taxes and amortization stood at Rs 54.1 crore for the first quarter of the year (the company follows a January to December fiscal) against Rs 54.5 crore for the same quarter last year. "The margins have de-grown by 3.5 per cent due to increased depreciation from the IPO capex being put to use this year," the statement said.

During the quarter the company has received approvals for 41 product registrations and has applied for 42 product registrations.

Out of the 41 approvals 16 have been received in the regulated markets, including two in the US. During the quarter the company has also commercialised 20 product registrations across 13 countries in international markets.

As for the joint venture with Otsuka and Mitsui the Foreign Investment Promotion Board (FIPB) approval, for Otsuka and Mitsui's investment in the JV was received in March.