Piramal Healthcare (PHL) (formerly known as Nicholas Piramal India Ltd) has performed better during the first quarter ended June 2008 and its consolidated net profit increased by 56.8 per cent to Rs 68.09 crore from Rs 43.43 crore in the corresponding period of last year. Its consolidated net sales also increased by 16.5 per cent to Rs 708.32 crore from Rs 608.07 crore. The earning per share worked out to Rs 3.3 as against Rs 2.1 per cent in the last period.

The above results have been considered after providing for Rs 20.82 crore for mark-to-market (MTM) unrealized loss on outstanding foreign currency borrowing, and realized forex loss of Rs 2.14 crore. Excluding the provision for this unrealized loss, the company has recorded significant growth in profitability, registering an operating profit margin of 19.8 per cent for the quarter as compared to 13.8 per cent in the similar period of last year.

The company's pharmaceutical sales increased to Rs 667.88 crore from Rs 583.11 crore. Revenue from international operations grew during the current quarter ended June 2008 by 9.7 per cent to Rs 268.40 crore from Rs 244.50 crore. PHL's Pharma Solutions (custom manufacturing) Division grew by 14.2 per cent to Rs 230 crore. The division's revenues from facilities in India grew by 115 per cent to Rs 58.89 crore to Rs 27.40 crore in the last period.

The company also continues to expand its footprint in the diagnostic services business - Piramal Diagnostic Services (earlier known as Wellspring). Revenues from this business were up by 60.8 per cent to RS 40.49 crore from RS 25.19 crore. This division introduced Asia's first high definition PET/CT scanner to diagnose disease more accurately at an early stage.

PHL's standalone net sales for the quarter ended June 2008 improved by 23.2 per cent to Rs 489.22 crore and it's standalone net profit went up by 48.1 per cent to Rs 50.94 crore from Rs 34.40 crore in the corresponding period of last year.