Pfizer FY03 net drops 63%

Pfizer India has reported a 63 per cent drop in its net profit to Rs 27.51 crore for the year ended November 30,2003, from Rs 75.94 crore in the previous fiscal.

Net sales declined 17 per cent to Rs 474.64 crore from Rs 542.43 crore. The company posted a net profit of Rs 6.10 crore in the last quarter against a net profit of Rs 22.31 crore previous year.

The company said in a press release, "Net sales have declined over the previous year mainly on account of general slow down in the pharmaceutical market, uncertainty on VAT implementation resulting in low offtake by the trade and planned de-stocking at the wholesalers level." Senior company officials refused to dicuss further on the issue.

The net sales of the wholly owned subsidiary, Duchem Laboratories, for the year ended November 30 was Rs 15.16 crore compared with Rs 75.93 crore in the previous year and incurred a net loss of Rs 3.82 crore against a net loss of Rs 2 lakhs last year.

Other income for the year dipped from Rs 60.07 crore to Rs 40.52 crore. Total staff cost stood reduced to Rs 79.42 crore from Rs 87.84 crore.

Compensation paid under the VRS upto November 30, 2001 is charged to the profit and loss account over a period of three years and compensation paid under the VRS effective from December 1, 2001 is charged to the profit and loss account over a period of five years, the company said.

Pfizer has ceased its manufacturing operations of bulk drugs at Chandigarh plant. The company's board recommended dividend of Rs 7.50 per equity share.