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Financial Profile |
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UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30th SEPTEMBER, 2005
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Quarter Ended
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Half Year Ended
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Year Ended
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30.09.2005
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30.09.2004
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30.09.2005
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30.09.2004
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31.03.2005
(Audited)
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1
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Gross Sales & Income from Operations
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6967.6
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6211.7
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13976.7
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11894.1
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24008.7
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Less:Excise Duty
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250.6
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398.0
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631.6
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786.1
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1463.7
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Net Sales & Income from Operations
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6717.0
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5813.7
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13345.1
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11108.0
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22545.0
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2
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Other Income
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15.3
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74.2
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98.9
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193.1
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819.8
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3
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Total Expenditure
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a) (Increase)/decrease in Stock-in-trade
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85.3
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(64.1)
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(32.1)
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(217.1)
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(668.7)
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b) Consumption of Materials
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2825.6
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3001.6
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6092.6
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5860.8
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11615.6
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c) Staff Cost
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303.4
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262.1
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695.6
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563.8
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1165.8
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d) Other Expenditure
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1730.1
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1295.1
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3317.3
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2514.1
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5479.2
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4
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Interest
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16.9
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39.5
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30.6
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53.2
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76.3
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5
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Depreciation
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215.0
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125.0
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350.0
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255.0
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550.5
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6
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Profit (+)/Loss (-) before Tax (1+2-3-4-5)
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1556.0
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1228.7
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2990.0
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2271.3
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5146.1
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7
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Provision for Taxation
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a) Current Tax
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266.0
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205.0
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533.5
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430.0
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820.0
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b) Deferred Tax
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50.0
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65.0
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97.5
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90.0
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230.0
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c) Fringe Benefit Tax
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14.0
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-
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19.0
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-
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-
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8
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Net Profit (+)/Loss (-) after Tax (6-7)
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1226.0
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958.7
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2340.0
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1751.3
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4096.1
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9
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Paid-up Equity Share Capital
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599.7
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599.7
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599.7
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599.7
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599.7
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10
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Reserves excluding
Revaluation Reserves
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14836.0
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Earning per Share (Rs.)
* Not Annualised
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*4.09
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*3.20
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*7.80
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*5.84
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13.66
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Aggregate of Non-Promoter Shareholding
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- Number of Shares
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177090533
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177030533
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177090533
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177030533
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177070533
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- Percentage of Shareholding
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59.06
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59.04
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59.06
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59.04
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59.05
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Notes:
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1.
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The Company is exclusively in the
pharmaceutical business segment.
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2.
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No investor grievances were pending
at the beginning of the quarter. During the quarter
ended 30th September, 2005, 13 investor grievances
were received and have been suitably replied to.
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3.
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The Company had challenged the inclusion
of the drugs - Salbutamol, Theophylline, Ciprofloxacin
and Norfloxacin within the ambit of price control.
The petition filed by the Company had been decided
in favour of the Company by the Bombay High Court,
which held that the said drugs were outside the
ambit of price control. However, on an appeal filed
by the government, the Supreme Court has remanded
the matter to the Bombay High Court for further
and more detailed examination in light of the principles
laid down by the Supreme Court. The Supreme Court
had also permitted the government to recover 50%
of the amount that they had claimed was overcharged.
The government had sent notices to the Company demanding
an aggregate of Rs.1803.7 million in respect of
the said drugs, which according to them was 50%
of the amount allegedly overcharged by the Company
till July 2003. Subsequently, in a separate proceeding
the Allahabad High Court had ruled that the prices
fixed by the government in respect of the said drugs
were illegal and void. On an appeal filed by the
government against this ruling, the Supreme Court
has stayed the judgement of the Allahabad High Court.
Further, the Supreme Court has directed that no
coercive action shall be taken against the Company
till the appeal is finally decided. The Company
has received legal advise that the demand notices
of the government are not sustainable.
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4.
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Due to unprecedented rains on 26th
July, 2005, the Company's godowns at Bhiwandi were
flooded causing substantial damage to its stocks
of finished goods. The insurance claims are under
process. It is expected that the amount of settlement
of insurance claims will not be less than the cost
of damaged stocks.
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5.
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The above results were taken on
record at the meeting of the Board of Directors
held on 27th October, 2005.
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By order of the Board
For CIPLA LIMITED |
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Mumbai
27th October, 2005
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M. K. Hamied
Joint Managing Director
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Financial Review - Period ended
September 2005
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Financial performance:
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Quarter Ended
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Half Year Ended
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Q2 FY0506
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Q2 FY0405 |
% change
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H2 FY0506 |
H2 FY0405
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% change |
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Domestic
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3635.6
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3633.0
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0.07%
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7575.8
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7163.7
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5.75%
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2480.1
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1579.2
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57.05%
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4633.6
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2996.8
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54.62%
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APIs
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725.4
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837.9
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-13.4%
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1419.0
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1451.6
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-2.24%
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Total Exports
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3205.5
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2417.1
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32.62%
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6052.6
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4448.4
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36.06%
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% of exports to total sales
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46.9%
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39.9%
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44.41%
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38.31%
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Total Sales
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6841.1
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6050.1
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13.07%
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13628.4
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11612.1
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17.36%
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Other operating income
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Technology knowhow/fees
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75.3
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97.3
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93.8
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170.3
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Others
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51.2
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64.3
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254.5
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111.7
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Total
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126.5
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161.6
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-21.72%
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348.3
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282.0
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23.51%
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Income from Operations
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6967.6
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6211.7
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12.17%
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13976.7
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11894.1
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17.51%
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Operating margin
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1772.6
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1319.0
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34.4%
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3271.7
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2386.4
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37.1%
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% to income from
operations
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25.4%
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21.2%
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23.4%
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20%
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Profit before tax
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1556.0
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1228.7
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26.6%
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2990.0
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2271.3
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31.6%
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% to income from
operations
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22.3%
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19.8%
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21.4%
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19.1%
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Profit after tax
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1226.0
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958.7
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27.9%
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2340.0
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1751.3
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33.6%
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% to income from
operations
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17.6%
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15.4%
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16.7%
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14.7%s
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Sales in the second quarter was
affected by the substantial damage to stocks of
finished goods at Bhiwandi, which was in excess
of Rs.100 crores, due to floods. Despite this
setback, our formulations exports grew by 57%
and thereby the overall increase from operations
for the quarter was around 12%. However API exports
were down by nearly 13%.
The company's profitability showed a marked improvement
and the operating margins showed a steep increase
of 4.2%. This was mainly on account of a higher
contribution of exports business to overall sales
and higher contribution in the case of APIs and
formulations exports on account of product mix.
Staff cost showed an increase of 15% and overall
expenditure increased by 33% mainly on account
of the new plant at Baddi becoming operational
this year. Depreciation showed a steep increase
of 72% to the tune of Rs. 9 crores mainly on account
of substantial additions of about Rs. 200 crores
to fixed assets at Goa and Baddi.
Material cost (as a percent to sales)
is lower mainly on account of a better product
mix as compared to the corresponding period of
the previous year.
During the quarter, the increase
in other expenses is mainly due to increased manufacturing
overheads including power & fuel, stores &
spares, repairs & maintenance, export commissions,
travel and promotional costs etc. This incremental
expenditure was on account of an increase in the
level of operations and also due to the Baddi
factory becoming operational this year.
The insurance claims on account
of the goods damaged in the floods is under process.
It is expected that the amount of settlement of
insurance claims will not be less than the cost
of damaged inventory.
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