Wyeth's net profit for the first quarter ended June 2007 declined marginally by 2 per cent to Rs 24.73 crore from Rs 25.23 crore in the corresponding period of last year mainly due to higher provision for taxation. The company's net sales moved up by 16.9 per cent to Rs 86.77 crore from Rs 74.24 crore. The earning per share worked out to Rs 10.88 as against Rs 11.1 in the previous year.
The total expenditure increased by 19.8 per cent to Rs 55.24 crore from Rs 46.10 crore in the similar period of last year. Though the interest and depreciation provision remained at almost same level, its provision for tax went up to Rs 11.17 crore from Rs 6 crore. The operating profit before interest, depreciation and taxation moved up by 14.4 per cent to Rs 37.58 crore from Rs 32.86 crore.
The total demand of government under the Drugs (Prices Control) Order (DPCO) 1979 disputed by the company stood at Rs 27.21 crore. Further, it has also disputed the demand for Rs 3.78 crore under DPCO 95 in respect of the production of prednisolone based formulations during the period June 2000 to March 2001 and filed a Writ Petition against the same in Bombay High Court. The matter is pending adjudication in the court.