Piramal Healthcare, which sold its domestic formulations and diagnostic business August-September 2010, has reported consolidated net profit of Rs.89.23 crore during the first quarter ended June 2011 as compared to Rs.80.74 crore in the corresponding period of last year. The figures are not strictly comparable on account of the sale of business. The consolidated net sales reached at Rs.435 crore as compared to Rs.819 crore.
For the continuing businesses, total operating income for the quarter was up by 3.8 per cent to Rs.512 crore. The operating profit for the quarter was Rs.154.5 crore as against Rs.39.9 crore in the same period of last year.
Pharma solution (CRAMS) business recorded sales of Rs.290.2 crore as compared to Rs .207.5 crore in the last period, registering a growth of 39.9 per cent. The revenues from Indian facilities recorded impressive growth of 74.7 per cent to Rs.172.4 crore on the back of increased supplies to the existing contracts and commencement of supplies towards new contracts. As per United Nations Conference the Trade and Development (UNCTAD's), World Investment Report, 2011, PHL ranks fifth in list of top 10 pharmaceutical contract manufacturers globally.
Revenues from Piramal Critical Care business were Rs.91.1 crore as compared to Rs.108.2 crore in similar period of last year due to deferment of sales in ROW markets. OTC & ophthalmology sales grew by 47.8 per cent to Rs.55.7 crore as against Rs.37.7 crore.
Piramal Healthcare is now planning to merge Piramal Life Sciences Ltd with the company after the necessary shareholders approval. The company has called shareholders meeting on August 9, 2011. It has already received approvals for merger from BSE and NSE.