Pharmaceuticals major Pfizer Limited on Friday reported a 52 per cent rise in its net profit to Rs 126 crore in the three months ended on September 30, 2016 as compared to Rs 83 crore in the corresponding period last year.
Revenues for the quarter were at Rs 552 crore, up 5 per cent, from Rs 525 crore in the year-ago period.
"This quarter 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," the company said in a statement.
The company further said that excluding the impact of price reductions, revenue growth for the quarter would have been 9 per cent.
Profit from operations (before other income, exceptional items and tax) for the quarter and half of the current fiscal year (April-September) was primarily impacted by "pricing policy".
During the quarter under review, the company on completion of requisite formalities and receipt of necessary regulatory approvals concluded the transfer of four brands for a consideration of Rs 110 crore, the statement added.
Revenue for the half year stood at Rs 1,066 crore as compared to Rs 1,022 crore in the same period last year, reflecting a growth of 4 per cent.
Net profit after tax (including other comprehensive income) for the first six months was at Rs 206 crore, up by 31 per cent, as against Rs 158 crore in the same period last year.
--IANS
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