The net profit of Cadilla Healthcare Limited (CHL) has increased by 46% to Rs 47.9 crore from Rs 32.8 crore by the end of first quarter on June 30, 2005. The company reported a total income of Rs. 348 crore, up by 12% from Rs 309 crore in corresponding quarter of the previous year. The revenues were driven by an overall growth of 13% in the domestic business and a growth of 76% in formulation exports.
CHL's PBIDT was up by 13% to Rs 77 crore during the quarter despite 44% increase in R&D and other development expenditures during the quarter.
Further, the company has dispatched its first consignment of products for the US generics market. It has also launched its operations in the Brazilian market.
CHL has signed a joint venture agreement with Mayne Pharma, a leading injectable speciality pharmaceutical company based in Australia, to set up 50:50 joint venture company to manufacture Generic Injectable, Cytotoxic (anti- cancer) medicines as well as Active Pharmaceutical Ingredients (API), for global markets. Besides, the company has signed four new contracts for contract manufacturing with international companies, which is expected to generate peak revenues of about Rs.55 crores, excluding the agreement with Mayne.
The group has commenced phase1 clinical trials on its new molecular entity- ZYHI. The novel agent is for the treatment of metabolic disorders.
The products launched during the quarter are Nupatch- India's first indigenously manufactured Diclofenac transdermal patch for pain relief, Interferon beta- 1b under the brand name 'Betaferon' for the treatment of multiple sclerosis (MS) and Fludara Oral for the treatment of chronic lymphotic leukaemia.