Plethico Pharmaceuticals, a Mumbai based Rs 375-crore plus pharmaceutical company has achieved excellent financial performance during the second quarter ended March 2007. The company's standalone net profit has taken a quantum jump of 45.9 per cent to Rs 25.73 crore from Rs 17.63 crore in the corresponding period of last year. The net sales also increased by 37.9 per cent to Rs 108 crore from Rs 78.29 crore. The earning per share, after considering enhance equity capital, worked out to Rs 7.55 as against Rs 5.80 in the last period.
The company's standalone net sales for the first half ended March 2007 increased by 33.9 per cent to Rs 189.27 crore from Rs 141.38 crore in the similar period of last year. Its net profit moved up by 25.7 per cent to Rs 45.46 crore from Rs 36.17 crore. It's half yearly EPS reached at Rs 13.35 from Rs 11.90 in the last year.
Plethico's consolidated net sales and net profit during the second quarter ended March 2007 increased by 45 per cent and 49.5 per cent to Rs 132.58 crore and Rs 27.95 crore respectively. The company entered into an agreement to partly dilute its equity holding in all six subsidiaries in CIS which will bring down its holding uniformly to 45 per cent in all such entities, for a total sale consideration of US$ 13.26 million. This deal is likely to yield capital gain $5.23 million over its cost of acquisition on FIFO basis on transfer of shares.
The company had entered into capital market with maiden public issue of 36.67 lakh equity shares of Rs 10 each at a price of Rs 300 per share aggregating to Rs 110 crore during April 2006. The issue was through 100 per cent book building process for implementing Rs 153 crore-expansion programme. The company has incurred expenditure of Rs 66 crore till the end of March 2007.