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A strong dose from Pfizer

Sep 22, 2000

Despite apprehensions about the intentions of the management, after the setting up of a 100% subsidiary, Pfizer continues to report healthy growth rates.

(Rs m) 3QFY00 3QFY01 Change
Sales 885 1,003 13.4%
Other Income 17 21 19.9%
Expenditure 727 793 9.1%
Operating Profit (EBDIT) 158 210  
Operating Profit Margin (%) 17.8% 20.9%  
Interest 3 1 -66.7%
Depreciation 18 13 -31.1%
Profit before Tax 154 217 41.1%
Other Adjustments      
Tax 55 88  
Profit after Tax/(Loss) 99 129 30.7%
Net profit margin (%) 11.2% 12.9%  
Earnings per share* 16.84 22.01  
(annualised)      

The company has delivered a 30% increase in post–tax profits in the third quarter of the current year, despite Becousules (its B–complex vitamin) being brought under price control. (Becousules contributes around 20% to the company’s turnover and the National Pharmaceutical Pricing Authority has reduced its prices by 30% in the current year.)

The company’s topline grew by 13% over the corresponding period of last year. The stock quotes at Rs 606, which implies an earning multiple of 27.5 times.


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