Pharmabiz
 

Parabolic Drugs net sales up by 33% in Q2

Our Bureau, MumbaiMonday, November 14, 2011, 17:15 Hrs  [IST]

Parabolic Drugs Ltd. (PDL), a vertically integrated API manufacturer and exporter in India, has posted a growth of 33.3 per cent in net sales during the second quarter ended September 2011 to Rs.215.19 crore from Rs.161.43 crore in the corresponding period of last year. Its net profit increased marginally to Rs.14.38 crore from Rs.14.29 crore. The impact of inflationary pressures across the economy has resulted in frequent interest hike by RBI. This had an undesirable impact on the profitability for the Q2. However, its EBDITA went up by 43.4 per cent to Rs.42.58 crore as compared to Rs.29.70 crore in the last period. .
For the first half ended September 2011, Parabolic's net sales improved by 39.5 per cent to Rs.420.66 crore from Rs.301.58 crore and its net profit surged by 19.1 per cent to Rs.29.57 crore from Rs.24.82 crore. Its net profit margin stood at 7.7 in the first half.
During the first half of FY 12, the company received an official accreditation from Japan’s Ministry of health, labour and Welfare designating it as a Certified Foreign Drugs Manufacturer for Cephalosporin Oral supplies to Japan which is world's second largest drugs market. The company also filed its first DMF in Japan. This is company’s 38th Regulatory filing and first in Japanese market.
Commenting on the performance, Vineet Gupta, director, said, “We have had a strong first six months for FY 12 and we believe that the building blocks put in place would lay a strong foundation for strategic growth of the company. With the Japanese Accreditation and filing of our first drug master file in Japan, we are hopeful of tapping marquee customers and business in the Japanese market which by far is one of the most stringent regulated pharmaceutical markets Going forward, with the commencement of regulatory filings and IPR development for non-antibiotics, we are likely to observe significant developments in new therapies and segments.”
In the capacity additions, the company successfully accomplished the capacity expansion of its Amorphous production at Derabassi with the commissioning of eighth plant. Amongst the other strategic areas, there have been significant developments in the formulations space and CRAMS operations. It has also filed its seventeenth patent application to Indian Patents office for a molecule in the Anti-diabetic therapy. In line with the diversified and global growth approach, PDL has advanced its market presence in some new countries chiefly in APAC, Africa and Latin America.

 
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