Nectar Lifesciences, a Rs.1,300 crore pharmaceutical major from Punjab, has received major setback during the third quarter ended December 2012 and its net profit declined by 33.8 per cent to Rs.21.45 crore from Rs.32.31 crore in the same period of last year. Its net sales also declined by 10 per cent to Rs.369 crore from Rs.410 crore. The company's paid-up equity capital stood at Rs.22.42 crore and its EPS worked out to Rs.0.96 as compared to Rs.1.44 in the last period.
With profits under pressure, the Nectar scrip is not offering any significant returns to its investors as the scrip is moving in the range of Rs.16-25 only. The scrip declined to Rs.16.85 from its previous close of Rs.17.05 on the BSE.
For the nine months period, Nectar's net sales increased by 38.3 per cent to Rs.1,267 crore from Rs.909 crore in the corresponding period of last year. Its net profit declined by 7.5 per cent due to higher interest and taxation provisions. Its interest burden increased by 22.2 per cent to Rs.80.76 crore from Rs.66.11 crore and tax provision went up by 96 per cent to Rs.18.55 crore from Rs.9.45 crore.