Pharmabiz
 

Piramal Enterprises reduces net loss to Rs.32.26 cr in Q2

Our Bureau, MumbaiThursday, October 24, 2013, 12:45 Hrs  [IST]

Piramal Enterprises, a Rs.3,500 crore company engaged in pharmaceuticals, financial services and information technology, has reduced its consolidated net loss to Rs.32.26 crore during the second quarter ended September 2013 from Rs.92.02 crore in the corresponding period of last year. Its consolidated net sales increased by 30.5 per cent to Rs.1,110 crore from Rs.851 crore. EPS worked out to negative Rs.1.9 as against negative Rs.5.3.

The sales from pharmaceutical, financial services and information management contributed 64 per cent, 16 per cent and 19 per cent respectively to total net sales during the second quarter. Pharmaceutical sales improved by 20.2 per cent to Rs.732.88 crore from Rs.609.11 crore and income from financial services moved up sharply by 128 per cent to Rs.186.07 crore from Rs.81.35 crore. Similarly, income from information management up by 28.2 per cent to Rs.221.30 crore from Rs.172.57 crore.

The earnings before depreciation, interest, taxation and adjustments (EBDITA) went up sharply by 143 per cent to Rs.248.12 crore from Rs.101.96 crore in the similar quarter of last year. Its other income increased to Rs.88.21 crore from Rs.28.77 crore and other operating income to Rs.28.45 crore from Rs.11.75 crore. The company's interest cost surged by 77.8 per cent to Rs.217.30 crore from Rs.122.23 crore in the same quarter of last year.

For the first half ended September 2013, Piramal's net sales increased by 30.4 per cent to Rs.2068.89 crore from Rs.1587.09 crore in the corresponding period of last year. However, its net loss increased sharply by 103 per cent to Rs.178.92 crore from Rs.87.94 crore as its interest cost went up sharply to Rs.549.83 crore from Rs.209.75 crore. The company has incurred one time charge of Rs.124.07 crore on discounting of receivables and Rs.37.84 crore towards refinancing of debt, taken for the acquisition of Decision Resources Group (DRG), which have been included under finance cost. Thus, the first half figures are not strictly comparable as the company acquired DRG in June 2012.

Pharmaceutical sales improved by 9.9 per cent during the first half to Rs.1345.54 crore from Rs.1224.31 crore and contributed 64 per cent to total net sales. Sales from financial services moved by 12.9 per cent to Rs.357 crore and that from information management by 76.9 per cent to Rs.407.21 crore.

 
[Close]