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Pfizer: 1QFY02 net zooms 33%

Apr 2, 2001

Pfizer India has reported a 33% jump in its bottomline during the first quarter ended February 28, 2001. A 44% jump in other income has been partly responsible for the growth in bottomline.

(Rs m) 1QFY01 1QFY02 Change
Gross Sales 722 829 14.9%
Other Income 88 127 44.9%
Expenditure 683 793 16.0%
Operating Profit (EBDIT) 38 36 -5.2%
Operating Profit Margin (%) 5.3% 4.4%  
Interest 1 1 30.0%
Depreciation 13 16 27.6%
Profit before Tax 112 146 29.9%
Tax 47 58 25.4%
Profit after Tax/(Loss) 66 88 33.1%
Net profit margin (%) 9.1% 10.6%  
No. of Shares (eoy) (m) 11.7 23.4  
Earnings per share* 22.5 15.0  
(annualised)      
Diluted Earnings per share* 11.2 15.0  
(annualised)      
Current P/e ratio   36.7  

Out of the total other income of Rs 127 m, the management has stated that Rs 104 m is service income (previous year Rs 69 m). The company's gross sales recorded an improvement of 15% during the period.

Its key brand Becousules (its B–complex vitamin) was brought under price control early last year. Becousules contributes around 20% to the company’s turnover and the National Pharmaceutical Pricing Authority had reduced its prices by 30%. But for this, Pfizer's topline growth would have been higher.

The $16.9 bn Pfizer Inc. is next only to Glaxo–Smithkline in the global pharma sweepstakes. With the takeover of $ 9 bn Warner Lambert, it has emerged as the largest US company. In India however, six brands viz. Becousules, Lorex, Protinex, Dolonex, Terramycin and Minipress XL account for 80% of the company’s sales.

However, the company’s Hepatitis B brand ‘Hepashield’ continues to do well. This has helped the company to reduce its dependence on its six brands. Pfizer had launched Hepashield in March 2000 under a co-marketing deal with Shanta Biotech. Smithkline Pharma had been the leader in this segment with its brand Engerix B.

The stock trades at Rs 549, a P/e multiple of 36.7 times its annualised 1QFY02 earnings.


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