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Ahmedabad-based pharmaceutical major Cadila Healthcare (Zydus Cadila) posted an 82 per cent rise in net profit for the quarter ended September 30, 2013 to Rs 151.7 crore, while its net income from operations rose 13 per cent on a year-on-year (yoy) basis to Rs 985 crore.
For the half year period, the company posted a 115 per cent rise in net profit to Rs 492 crore from Rs 229 crore in H1FY13. Income from operations for the half year period rose 37 per cent to Rs 1913 crore.
On a consolidated basis, Cadila Healthcare's net profit was up 93.4 per cent on a yoy basis to Rs 183.3 crore on the back of reduced tax outgo as well as good growth in international business.
Net income increased 13 per cent to Rs 1746 crore from Rs 1547 crore in the corresponding quarter last fiscal. For half year period ending September 30, 2013 net profit increased 31 per cent to Rs 378 crore, while income rose from Rs 3142 crore in H1FY13 to Rs 3383.84 crore in H1FY14.
During the quarter, the company launched its pioneering drug Lipaglyn to treat diabetic dyslipidemia. Besides Lipaglyn, the group launched 19 new products, including line extensions in India of which, four were first in India.
Globally, the company’s business in the US was up by 29 per cent while Brazil grew by 28 per cent and Europe by 24 per cent. In Mexico, the company launched three new products during the quarter, taking the cumulative number of launches to four. Exports to emerging markets grew by 32 per cent with 20 new product launches in different markets during the quarter. The company’s API business grew by 22 per cent during the quarter.
According to Sarabjit Kour Nangra, vice-president, research, pharmaceutical, Angel Broking, "Cadila Healthcare, posted sales more or less in line with expectations, while the operating profit margin and net profit came in below expectations. The OPM, dipped by 5.4 per cent yoy, to end the period, at 12.5 per cent, on back of the 2.1 per cent dip of the gross margins. However, in spite of the same, a 46.1 per cent yoy rise in the other income and tax outgo came down by 85.8 per cent, aided the net profit to grow to Rs 183.4 crore versus expected Rs 95.1crore."
