Pfizer gained 2.69% to Rs 1,829.15 at 10:20 IST on BSE after net profit rose 52.49% to Rs 126.33 crore on 6.35% rise in total income to Rs 581.96 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours on Friday, 4 November 2016.Meanwhile, the BSE Sensex was up 233.68 points, or 0.87%, to 27,512.59.
On BSE, so far 2,951 shares were traded in the counter, compared with an average volume of 2,595 shares in the past one quarter. The stock hit a high of Rs 1,864.85 and a low of Rs 1,800 so far during the day. The stock hit a 52-week high of Rs 2,648 on 24 November 2015. The stock hit a 52-week low of Rs 1,611 on 21 March 2016. The stock had underperformed the market over the past one month till 4 November 2016, dropping 6.45% compared with the Sensex's 3.74% fall. The scrip had also underperformed the market in past one quarter, declining 8.52% as against the Sensex's 1.59% decline.
The mid-cap company has an equity capital of Rs 45.75 crore. Face value per share is Rs 10.
Pfizer said that the Q2 results witnessed the full impact of the price reductions announced by the Government between March and June of this year. Revenue has been impacted by Rs 22 crore due to these price reductions with the impact being felt most in mid-tier and tail brands. Excluding the impact of price reductions, revenue growth for Q2 would have been 9%, it added.
During Q2 September 2016, the company on completion of requisite formalities and receipt of necessary regulatory approvals has concluded the transfer of four brands for a consideration of Rs 110 crore. The consideration net of direct expenses and adjustment for proportionate allocation of fair value of consideration has been reflected as an exceptional item.
Pfizer is a leading biopharmaceutical company.
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