Mumbai, July 28: Nicholas Piramal has registered a 26 per cent increase in its net profits, on a comparable basis, at Rs 9.61 crore for the first quarter of the current financial year. Sales for the period jumped 20 per cent to Rs 100.90 crore. The first-quarter results are after the spin-off of the company's flacconage business, Gujarat Glass and bulk drugs unit, Global Bulk Drugs, on April 1, 1998 and are not comparable with that of the corresponding period of the previous year.Sales of Nicholas Piramal and its subsidiaries and joint venture outfits (Sarabhai Piramal, Reckitt Piramal) totalled Rs 230.6 crore in the first quarter. Sales of Gujarat Glass at Rs 35.3 crore for the first quarter reflected the successful startup of the new Jambusar amber-glass plant.
The Global Bulk Drugs business, with a 12 per cent sales growth, showed signs of a modest recovery. Newly-formed joint ventures, Reckitt Piramal and Sarabhai Piramal, registered strong sales performances at Rs 66 crore and Rs 13.5 crore.
Totalexpenditure for the period was Rs 84.06 crore. Interest and depreciation for the period stood at Rs 4.83 crore and Rs 1.86 crore, while Tax was Rs 1.10 crore.
New products launched include Recormon (erythropoeitin beta) and Accutrend (patient care), a company release stated.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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