Nicholas Piramal India’s net sales for the half year ended September 30, 2003 rose by 20.4 per cent to Rs. 574.8 crore compared to Rs. 477.5 crore a year ago. The company achieved a net profit of Rs 73 crore for HY ended September 30, 2003, a growth of 27.2 per cent compared to the previous corresponding period’s Rs. 57.3 crore. The exports rose by 194 per cent to Rs. 48.2 crore for the period. The company reduced its debt to Rs. 268.1 crore from Rs. 299.3 crore. The company’s D/E reduced to 0.7 from 1.9.

Out of the total net sales for the half-year ended Sept 2003, domestic sales contributed to Rs. 526.5 crore with the exports contributing Rs. 48.2 crore.

The company’s Chairman & Managing Director Ajay Piramal said the company’s strategy would not be to rush for garnering the first to file status of a product going off patent. Rather its focus will be on partnering with innovator companies abroad for R&D and international marketing.

The focus is definitely going to shift on R&D. Process development, NDDS research, CRO activity, NCE research on rheumatology, oncology, diabetes and anti-infective would be areas of increased attention. The company has already appointed eminent scientists like Sir Ravinder Maini and Prof. Bob Chaudhuri to join the company’s board.

The company has taken a 2-lakh sq ft area facility at Goregaon on lease in Mumbai for carrying out its R&D. It has planned an R&D capex of Rs. 80 crore over the next two years.

The company currently employs scientists team of 229 members. According to highly placed sources, the company would increase its R&D work force to about 600 in the next three years.