Pfizer Ltd has reported smart growth in its working during the half year ended May 2004 on account significant improvement in pharmaceutical business. Its net profit after tax and exceptional items went up sharply by 138 per cent to Rs 21.61 crore during first six months ended May 2004 from Rs 9.10 crore in the corresponding period of last year. The net sales improved by 23.2 per cent to Rs 256.67 crore from Rs 208.28 crore during period under review. The company's sales and profit for the year ended November 2003 amounted to Rs 474.64 crore and 27.51 crore respectively.
Pfizer has sold its Ankleshwar plant for a total consideration of Rs 4.50 crore during January 2004. However, due to pending permission of the GIDC for transfer of leasehold land, the company has not included the profit aggregating to Rs 2.87 crore for the current six months ended May 2004.
The cost of consumption of raw material during the first six months remained almost at same level at Rs 54.22 crore. However, the cost of employees went up by 14.8 per cent to Rs 40.53 crore. The company has successfully reduced the interest burden to Rs 0.06 crore from Rs 0.29 crore. Its provision for depreciation also declined to Rs 4.28 crore from Rs 4.99 crore in the corresponding period of last year. The profit before exceptional items and taxation moved up by 73.3 per cent to Rs 44.43 crore from Rs 25.64 crore.
Exceptional items related to provision for VRS were higher at Rs 10.12 crore from Rs 7.56 crore. Similarly, its tax provision increased to Rs 12.70 crore from Rs 8.98 crore. Despite higher exceptional items and taxation, the net profit has taken quantum jump of 138 per cent. The earning per share, not annualized, worked out to Rs 7.50 as against Rs 3.16 in the corresponding period of last year.
The net sales of company's subsidiary Duchem Laboratories Ltd declined to Rs 5.36 crore for the first half of current year from Rs 8.73 crore in the similar period of last year and incurred a net loss of Rs 0.61 crore as compared to Rs 1.56 crore.