Nicholas Piramal received minor setback during the first quarter ended June 2006 and its standalone net profit declined by 5.8 per cent to Rs 51 crore from Rs 54.13 crore in the corresponding period of last year. The company's net sales improved only 6.5 per cent to Rs 401.52 crore from Rs 377.06 crore. The earning per share worked out to Rs 2.4 as compared to Rs 2.80 in the last period.

The exports went up sharply by 37 per cent to Rs 77.21 crore from Rs 56.41 crore. The company, through its subsidiary in UK, acquired the pharmaceutical manufacturing facility of Pfizer located at Morpeth, UK during June 2006. Pursuant to the same the company has also executed a long term manufacturing and supply contact with Pfizer.

The company's staff cost went up by 27 per cent in the first quarter of 2006-07 to Rs 46.58 crore and its R&D expenditure went up 57.5 per cent to Rs 20.77 crore from Rs 13.19 crore.

The company's consolidated net sales reached at Rs 522.57 crore in the Q1 and it earned a net profit of Rs 53.86 crore. Pharmaceutical sales reached at Rs 512.61 crore.