Cadila Healthcare, an Ahmedabad based pharma giant, put up good show during the second quarter ended September 2006 with significant growth in exports of formulations and APIs. Its standalone net profit went up by 26.4 per to Rs 65.50 crore from Rs 51.80
crore in the corresponding period of last year. Similarly, its net sales improved by 17.1 per cent to Rs 382 crore from Rs 326.10 crore.
The earning per share, after considering a rise in equity capital resulted from bonus issue, for the quarter worked out to Rs 5.21 as compared to Rs 8.25 in the lat period. The company has allotted fully paid equity shares of Rs 5 each as bonus shares in the ratio of 1:1 on September 5, 2006 and its equity capital increased to Rs 62.80 crore from Rs 31.40 crore in the last period.
Cadila's operating profit before interest, depreciation, taxation and extra-ordinary items increased by 16.7 per cent to Rs 94.40 crore from Rs 80.90 crore in the similar quarter of the last year. It received approval for two more ANDA by US FDA during the quarter under review.
The company's consolidated net sales increased by 23 per cent to Rs 475 crore from Rs 387 crore and its net profit was up by 47 per cent to Rs 71 crore from Rs 48 crore in the second quarter of 2005-06. Income growth was mainly driven by 97 per cent growth in formulation exports and API exports growth of 56 per cent.
During the quarter, its subsidiaries in France and US registered a strong performance. Zydus France SAS, which currently market over 85 generic presentations, registered 87 per cent growth in sales for the quarter. The company filed 6 addition site transfer applications with the French regulatory authority AFSSAPS, in this quarter.
Cadila's US based subsidiary pushed its sales by 352 per cent. The group filed 5 additional DMFs during the quarter taking the total to 41 ANDA filings and 45 DMFs. It received approval for Meloxicam tablets taking the cumulative approvals to 17, of which 7 products have been launched so far.
Cadila has incorporated a subsidiary in Japan to market generic formulations and API in the Japanese market. The product registration process is expected to begin in 2007. It signed three more contracts this quarter for contract manufacturing with international companies, taking the cumulative number of contracts signed to 17 with peak revenue potential of US $ 25.5 million. It launched Novolizer, a device for Asthma and COPD.