Pfizer has posted net profit growth of 11.3 per cent to Rs.52.28 crore during the second quarter ended September 2012 as against Rs.46.99 crore in the corresponding period of last year. Its net sales, however, declined by 9.4 per cent to Rs.246.16 crore from Rs.271.82 crore on account of spin-off of its animal division. EBDITA grew by 13.3 per cent to Rs.84.16 crore from Rs.74.26 crore. Its earnings per share worked out to Rs.17.52 as compared to Rs.15.75 in the last period.
The company had incorporated a wholly owned subsidiary on February 10, 2012, under the name Pfizer Animal Pharma Pvt Ltd for a temporary period with a view to spin off the animal health business of Pfizer Ltd as a pre-step to subsequent sale to a wholly owned subsidiary of Pfizer Inc. in India. The Board of Directors has approved transfer of 100 per cent outstanding shares held in the said wholly owned subsidiary to Pfizer Animal Health India Ltd at a consideration of Rs.471.60 crore.
The business operation of animal health division was transferred to the above subsidiary on April 2, 2012 by way of slump sale for a consideration of Rs.424.28 crore. The gain of Rs.382.52 crore on the slump sale of the said business operation has been disclosed as exceptional income during the quarter ended June 2012.
For the first half ended September 2012, Pfizer's net sales declined by 9.3 per cent to Rs.465.99 crore from Rs.513.69 crore in the corresponding period of last year. The EBDITA improved marginally by 2.1 per cent to Rs.141.65 crore from Rs.138.70 crore. Its net profit touched to Rs.513.82 crore from Rs.132.84 crore mainly due to profit on sale of animal health business shown in latest half.