Cadila Healthcare has posted better consolidated performance during the first quarter ended June 2008, but its standalone performance was under pressure. Its consolidated net profit increased by 21.3 per cent to Rs 89.68 crore from Rs 73.93 crore in the corresponding period of last year, largely due to significant growth in other income. Its net sales increased by 22.3 per cent to Rs 685.71 crore from Rs 560.85 crore. Its other income from operations increased by 150 per cent to Rs 28.33 crore from Rs 11.30 crore. With better growth in bottom line, its earning per share moved up to Rs 7.14 from Rs 5.89 in the last period.
The income growth was mainly driven by 60 per cent growth in formulation exports. Both, the US business as well as the business in France posted a sales growth of 36 per cent. The consumer business posted a healthy 26 per cent growth.
The company's standalone net sales declined by 3.1 per cent to Rs 429.13 crore during the first quarter of 2008-09 from Rs 442.91 crore and its net profit nosedived by 16.2 per cent to Rs 55.64 crore from Rs 66.37 crore. Its other income went up to Rs 53 crore from Rs 9.37 crore.
During the quarter under review, Cadila announced two key overseas acquisitions. Making a foray into the fifth largest pharmaceutical market in Europe, the group acquired Laboratorios Combix in Spain. The group also acquired 70 per cent stake in Simayla Pharmaceuticals of South Africa, which is Africa's largest drug market.
The group also announced the first day launch of venlafaxine hydrochloride tablets in the US upon receiving the final approval. The company received 39 approvals from US and it has so far filed 79 ANDAs and 59 DMFs.