Aventis Pharma, a leading MNC in India, has suffered setback during the first quarter ended March 2010 and its net profit declined by 10.9 per cent to Rs 36.10 crore from Rs 40.50 crore in the corresponding period of last year. Its net sales, however, increased by 9.8 per cent to Rs 251.4 crore from Rs 228.9 crore. The company management recommended final equity dividend of 165 per cent for the year 2009.
Aventis discontinued distribution of Rabipur during the quarter under review. Excluding the impact of discontinuation of Rabipur distribution, comparable sales growth for the quarter ended March 31, 2010 worked out to 14.4 per cent. Though domestic sales increased by 21.7 per cent to Rs 197.2 crore, its exports declined by 5.9 per cent to Rs 54.2 crore from Rs 57.6 crore in the similar quarter of last year.
Hoechst GmbH, a promoter and the company's holding company, has acquired on March 30, 2010, 23,66,380 equity shares held by Dr Vijay Mallya Group by way of inter se transfer amongst promoters. As a result of the acquisition, Hoechst and its holding company, Sanofi-Aventis SA, France now hold 1,39,09,587 shares constituting 60.40 per cent of the paid-up share capital of the company. Dr Mallya, who will continue as chairman of the company, has informed the company that he will no longer be a promoter or part of the promoter group of the company.
The company is planning to invest in two critical projects for future growth. It is planning to provide high quality low cost healthcare to the rural population under 'Prayas' project and also entering the Over The Counter market.