Pfizer has posted net profit of Rs.126.33 crore during the second quarter ended September 2016 as against Rs.82.84 crore in the corresponding period of last year mainly due to exceptional gain of Rs.103.46 crore arising from surrender of lease rights at Express Tower, net of related expenses. Further the company has transfer four brands for a consideration of Rs.110 crore. Its EBDITA declined by 12.5 per cent to Rs.115.51 crore from Rs.131.96 crore. Its net sales increased only by 5.2 per cent to Rs.552.08 crore from Rs.525.04 crore.
This quarter witnessed the full impact of the price reductions announced by the Government between March and June of this year. Revenue has been impacted by Rs.22 crore due to these price reductions with the impact being felt most in mid-tier and tail brands. Excluding the impact of price reductions, revenue growth for the quarter would have been 9 per cent.
For the first half ended September 2016, Pfizer's net sales increased only by 4.4 per cent to Rs.1,067 crore from Rs.1,022 crore in the similar half of last year. Its net profit moved up by 30.6 per cent to Rs.206.37 crore from Rs.158.02 crore mainly due to exceptional gains of Rs.111.39 crore. Its tax expenses increased by 29.3 per cent to Rs.111.51 crore from Rs.86.24 crore. EPS worked out to Rs.29.12 as against Rs.33.14 in the last period. As against the equity capital of Rs.45.75 crore, its reserves & surplus increased to Rs.2,241 crore from Rs.2,118 crore.