Plethico Pharmaceuticals, a fast growing herbal nutraceutical player, suffered heavy setback during the year ended December 2008 on account of unrealized exchange loss. The company's standalone net profit declined by 52 per cent, on an annualised basis, to Rs 60.85 crore from Rs 158.33 in the previous year of 15 months period. It provided Rs 68.25 crore for exchange loss arising on account of restatement of outstanding FCCBs. Its profit before tax and foreign exchange loss improved by 13.7 per cent to Rs 129.10 crore from Rs 141.88 crore for last period of 15 months.
Plethico's standalone net sales increased by 21.5 per cent, on an annualised basis, to Rs 539.99 crore from Rs 555.44 crore in the last year of 15 months period. The board of directors has declared equity dividend of 25 per cent. Its equity capital stood at Rs 34.07 crore as at the end of December 2008 and its reserves reached at Rs 575.54 crore as against Rs 558.98 crore in the previous year.
The company's consolidated net sales touched to Rs 970 crore and its net profit stood at Rs 123.36 crore. The consolidated results included the working of its wholly owned subsidiaries namely Plethico Global Holdings B V, Netherlands and Plethico International Ltd, UAE.
The year 2009 will be a year of consolidation and hence 2009 may see a moderate growth of 10 per cent in revenues and net earnings may be down to 16 per cent. Its UAE unit is likely to be operational in the second quarter of 2009. Its product portfolio includes Travisil, Natrol, Shen Min, NU Hair, Laci le Beau, Mountain Herbz.