The pharma major Nicholas Piramal earned a lowest return of 10 per cent on an investment of Rs 4 crore from its joint venture Reckitt Piramal during the financial year 2000-01. Reckitt Piramal is a joint venture between Ajay Piramal group and Reckitt Benckiser, UK. NPIL and Reckitt Benckiser of UK holds 40 per cent each of the company's Rs 10 crore equity capital. The JV markets popular anti-septic brand Dettol. Besides Dettol, Reckitt Piramal also markets analgesics Dispirin and Saridon.

According to NPIL, Reckitt Piramal continued to be affected by the slowdown in consumer spending coupled with higher advertisement and promotional spending incurred in the wake of increased competition. While Reckitt Piramal's sales increased 14 per cent to Rs 309 crore, the profit after tax dropped by 96 per cent to Rs 0.13 crore in 2000-01 from Rs 3.58 crore in the previous year.

On the other side, NPIL earned a return of 99 per cent on an equity investment of Rs 1.7 crore made in another joint venture, Boots Piramal. Boots Piramal is NPIL's joint venture with Boots of UK, which markets popular brands like cough lozenge Strepsils and sweetener Sweetex. Boots Piramal had achieved sales of Rs 33.09 crore and a profit after tax of Rs 4.38 crore- a growth of 10 per cent and 11 per cent respectively. The Boots Piramal venture gave a return of 20 per cent on NPIL's preference capital investment of Rs 0.8 crore.

Another joint venture Allergan India, a venture between NPIL and American eyecare firm Allergan Inc, gave a return of 67 per cent. Allergan India showed an impressive growth in sales and profitability for the second year in succession. The company is a leader in ophthalmic therapeutic category.

Sarabhai Piramal, its venture with Ambalal Sarabhai of Gujarat, in which it has invested Rs 22.5 crore, gave a return of 43 per cent. Sarabhai Piramal continued its good performance with sales of Rs 196.54 crore and a profit after tax of Rs 19.30 crore showing an increase of 75 per cent and 142 per cent respectively.

The JV ventures Charak Piramal Healthcare Pvt Ltd and Solumiks Piramal Ltd through which the company made foray in Ayurvedic segments achieved a turnover of Rs 9.52 crore and Rs 6.52 crore respectively. However, they incurred a loss. During the year under review, the company also divested its 49 per cent stake in Scholl Piramal incurring a loss of Rs 1.29 crore.

Amongst its various subsidiaries, the investment in Gujarat Glass earned a return of 88 per cent. Gujarat Glass continued to maintain its dominant position in the pharmaceutical market and achieved sales of Rs 253.65 crore-an increase of 13 per cent over previous year. However, its net profit after tax was down by 15 per cent to Rs 17.88 crore. Kolkata-based diagnostics lab Drs Tribedi & Roy followed with a return of 81 per cent. During the year, NPIL picked up 60 per cent in Dr Phadke Pathology Laboratory & Infertility Center, a Mumbai-based pathological laboratory for Rs 5.6 crore. This is the second such investment after Tribedi & Roy in which it bought 90 per cent in 1999-00.