Nectar Lifesciences, a Rs.1000 crore pharma giant from Punjab, has achieved net profit growth of 10.8 per cent during the year ended March 2011 to Rs.101.87 crore from Rs.91.97 crore in the previous year. Its net sales cross the important milestone of Rs.1000 crore mark during 2010-11 and touched to Rs.1056 crore from Rs.846 crore, a strong growth of Rs.24.9 per cent. EBDITA worked out to Rs.246.73 crore as against Rs.214 crore and moved up by 15.3 per cent.
The company's interest burden went up by 27.2 per cent to Rs.76.66 crore from Rs.60.28 crore. It had repaid FCCB amounting to US$ 49.73 million inclusive of premium of US$ 16.73 million due thereon. Interest for the quarter includes Rs.18.94 crore, as premium accrued on FCCB for the year 2010-11, which has been ascertained on repayment of FCCB on April 26, 2011. The tax impact of said premium has been considered in current quarter while computing income tax liability for the financial year 2010-11.
Since, the FCCBs have been fully redeemed, therefore, the diluted EPS has not been calculated for the current period. The basic earnings per share worked out to Rs.4.54 as compared to Rs.5.81 in the last year. The EPS of last year was high due to the weighted average shares of taken for the allotment of – equity shares on preferential basis and equity shares underlying GDRs.
The company has received approvals from Japanese MOH & South African MCC for 2 of its molecules in APIs & has filed 4 DMFs, during the fourth quarter ended March 2011, Thereby, taking the total number of regulatory fillings of the company to 18 as at the end of 2010-11.