Nicholas Piramal net profit at Rs 311 million
By Pradeep Rane | 19 Jul 2002
Mumbai: Nicholas Piramal India Ltd has posted a net profit of Rs 311.50 million for the quarter ended 30 June 2002 as compared to Rs 182.10 million for the corresponding period last fiscal.
The total income (net of excise) has increased from Rs 1,928.90 million in JQ01 to Rs 2,420.70 million in the quarter ended 30 June 2002.
The results for the quarter ended 30 June 2002 are not strictly comparable with the figures of the corresponding period of the previous year as the current quarters figures include the operation of the pharma division of ICI India Ltd, acquired by the company in March 2002.
The company acquired the pharmaceutical division of ICI as a going concern for a total consideration of Rs 700 million. The acquisition was completed on 26 March 2002, after which date all transactions of the said division has been incorporated in the books of accounts of the company.
Nicholas Piramal had recently filed its first patent for its own new chemical entity — an anti-cancer molecule NP102. The company has filed an application in India and the US and will file a Paris Convention Treaty patent application subsequently.
The new molecule is a cyclin-dependent Kinase 4 inhibitor. The compounds are being sent to the US for further technology and xenograft testing. These studies will be completed in the next six months.
The total income (net of excise) has increased from Rs 1,928.90 million in JQ01 to Rs 2,420.70 million in the quarter ended 30 June 2002.The results for the quarter ended 30 June 2002 are not strictly comparable with the figures of the corresponding period of the previous year as the current quarters figures include the operation of the pharma division of ICI India Ltd, acquired by the company in March 2002.
The company acquired the pharmaceutical division of ICI as a going concern for a total consideration of Rs 700 million. The acquisition was completed on 26 March 2002, after which date all transactions of the said division has been incorporated in the books of accounts of the company.
Nicholas Piramal had recently filed its first patent for its own new chemical entity — an anti-cancer molecule NP102. The company has filed an application in India and the US and will file a Paris Convention Treaty patent application subsequently.
The new molecule is a cyclin-dependent Kinase 4 inhibitor. The compounds are being sent to the US for further technology and xenograft testing. These studies will be completed in the next six months.
The company had posted a net profit of Rs 482.40 million for the year ended 31 March 2002 as compared to Rs 664.60 million for the financial year ended 31 March 2001. The net profit for FY02 is after consideration of extraordinary items (including restructuring cost) of Rs 442.30 million for the year ended 31 March 2002.
The total income (net of excise) has increased from Rs 5,208 million in FY01 to Rs 9,036 million in the financial year ended 31 March 2002. The board has recommended a dividend of 85 per cent for the year ended 31 March 2002.