Claris Lifesciences Ltd, the first annual results as a listed entity, has posted net profit growth of 8.5 per cent during the year ended December 2010 to Rs.141.44 crore from Rs 130.36 crore in the previous year despite the product recall in the US market and the warning letter from the US FDA. Its consolidated net sales increased only by 1.2 per cent to Rs.752.33 crore from Rs.743.52 crore. The fully diluted EPS for 2010 was Rs.27.34 as against Rs.25.47 for the year 2009.The board declared a dividend of 20 per cent.
During the year, the company has further expanded its presence by commercializing 75 registrations in the international market and introducing 5 new products in the Indian market. In 2010, the company obtained 21 ANDAs in its name and also filed for ANDA approval for Propofol in the US Market. The company has received additional 29 registrations in EU markets and has filed for 28 new applications with which the total registration has increased to 114 with another 114 pending approval in European Union.
"We believe this is a good show we have put up despite the US recall and we will continue to focus on bringing excellence in injectables. Our products are unique and offer a significant opportunity in the medium to long term. We remain committed to helping patients get access to affordable and modern products while creating value for shareholders" Arjun Handa – MD & CEO said.
With respect to the recall of products from the US and the import alert, the company is working on addressing the US FDA issue and post a productive meeting with the USFDA; the company is optimistic on resolving the issue. Claris has a basket of 128 products out of which 48 products have been commercialised in the international markets. As on 31st December 2010 the total registrations of the company stood at 1166 and another 331 in the pipeline.
From the IPO proceeds of Rs.300 crore, the company repaid an identified term loan of Rs.45.9 crore, the remaining proceeds will be utilised for growth capex to increase the production capacities of the company.