Nicholas Piramal has posted a net profit of Rs 78.92 crore for the quarter ended December 31, 2004, up 118 per cent compared with Rs 36.17 crore in the corresponding quarter of the previous year. |
Net sales for the quarter increased by 6.5 per cent to Rs 32.41 crore from Rs 30.43 crore in the same quarter previous year. |
Net sales on a comparable basis, excluding the discontinued diagnostic products business, increased by 13.8 per cent. |
The increase in net profit was largely driven by the first two instalments of Rs 55.98 crore that the company received from Roche Diagnostics for returning the marketing and distribution rights for the diagnostic business. |
The company will receive the third and final instalment in the next quarter. The company's R&D expenditure during the quarter more than doubled to Rs 17.38 crore from Rs 8.8 crore. |
Operating margins were hit owing to increased R&D expenditure and stood decreased at 16.6 per cent from 19.2 per cent in the December quarter of the previous year. |