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Piramal Healthcare: The R&D impact
Mar 6, 2012

Piramal Healthcare has announced its third quarter results of financial year 2011-2012 (3QFY12). The company reported growth of 38.7% YoY in sales and net profits fell to Rs 85 m as against Rs 603 m in the comparable quarter last year. Here is our analysis of the results.

Performance summary
  • Sales increase by 38.7% YoY primarily due to the growth in sales of its pharma solutions business. The critical care and ophthalmology business did not perform well.
  • The company reports an operating loss of Rs 502 m against a loss of Rs 326 m in 3QFY11.
  • At the PBT level, the company reports a loss on account of fall in interest income after having invested the cash for a partial stake in Vodafone India.
  • Despite the loss at the PBT level, company managed to record net profits of Rs 85 m due to tax refunds and forex gains.
Financial performance snapshot
(Rs m) 3QFY11 3QFY12 Change 9mFY11 9mFY12 Change
Net sales 4,027 5,587 38.7% 19,969 14,840 -25.7%
Expenditure 4,353 6,089 39.9% 19,134 15,503 -19.0%
Operating profit (EBIDTA) (326) (502) 54.2% 835 (663) -179.4%
EBDITA margin (%) -8.1% -9.0%   4.2% -4.5%  
Other income 1,322 589 -55.5% 2,058 1,803 -12.4%
Depreciation 240 401 66.9% 939 956 1.9%
Interest 129 221 71.3% 834 524 -37.2%
Profit before tax 627 (535) -185.4% 1,119 (341) -130.4%
Tax 169 (378)   36,634 167  
Exceptional Gain / (Loss) (0) (25)   162,220 (36)  
Forex (Gain) / Loss (145) (280)   (108) (2,069)  
Minority Interest - 11   (1) 24  
Profit after tax/(loss) 603 85   126,815 1,502  
Net profit margin (%) 15% 2%   6 0  
No. of shares (m) 210 173   210 173  
Diluted earnings per share (Rs) 2.9 0.5   605 9  
Price to earnings ratio (x)*   24.6        

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