Piramal Healthcare, a Mumbai based Rs 2850 crore pharma giant, has posted poor performance for the third quarter ended December 2008 due to higher interest burden. Its consolidated net profit declined by 17.7 per cent to Rs 59.87 crore from Rs 72.76 crore in the corresponding period of last year. The company's consolidated net sales moved up by 15 per cent to Rs 828.33 core from Rs 720.07 crore. The figures are not strictly comparable on account of de-merger of its NCE Research Unit and merger of Nicholas Piramal Consumer Products Pvt Ltd and NPIL Healthcare Pvt Ltd with the company.

The company's consolidated net sales for the nine months period ended December 2008 moved up by 16.5 per cent to Rs 2417 crore from Rs 2075 crore in the similar period of last year. Its net profit, however, remained almost stagnant at Rs 201.35 crore. The sales of pharmaceutical products increased by 15 per cent to Rs 2303 crore from Rs 2002 crore in the last period.

The company has changed the depreciation accounting policy for brands acquired subsequent to March 31, 2008. Due this change, its consolidated net profit for the third quarter and nine months is stated higher by Rs 1.12 crore and Rs 3.02 crore respectively.

During the quarter ended December 2008, the company signed a definitive merger agreement to acquire Minrad International, Inc. The shareholder approval is still pending for final acquisition.

The standalone net sales for the third quarter increased by 21.8 per cent to Rs 580.45 crore from Rs 478.50 crore in the corresponding period of last year. Its standalone net profit declined sharply by 47.6 per cent to Rs 38.67 crore from Rs 73.82 crore. Similarly its standalone net profit for the nine months moved down by 15.9 per cent to Rs 159.05 crore.