| |
Financial Profile |
|
| |
|
|
|
UNAUDITED FINANCIAL
RESULTS
FOR THE QUARTER ENDED 31st DECEMBER, 2006
|
|
| -- |
Quarter
Ended |
Nine
Months Ended |
Year
Ended |
|
31.12.2006 |
31.12.2005 |
31.12.2006 |
31.12.2005 |
31.03.2006
(Audited) |
| 1
|
Gross
Sales & Income from Operations |
904.50 |
811.92 |
2706.67 |
2210.10 |
3114.20 |
|
|
Less:Excise
Duty |
23.96 |
28.66 |
73.00 |
105.18 |
128.32 |
|
|
Net
Sales & Income from Operations |
880.54 |
783.26 |
2633.67 |
2104.92 |
2985.88 |
| 2 |
Other Income |
26.13 |
74.45 |
67.07 |
83.83 |
121.63 |
| 3
|
Total
Expenditure |
|
|
|
|
|
|
|
a)
(Increase)/ decrease in
Stock-in-trade
|
(31.29) |
(66.71) |
5.36 |
(69.92) |
(94.35) |
|
|
b)
Consumption of Materials |
464.66 |
453.77 |
1225.16 |
1063.03 |
1505.92 |
| |
c)
Staff Cost |
45.79 |
35.17 |
140.95 |
104.73 |
150.76 |
| |
d)
Other Expenditure |
182.11 |
202.10 |
586.46 |
520.47 |
743.74 |
| 4 |
Interest |
1.32 |
5.07 |
5.67 |
8.13 |
11.42 |
| 5 |
Depreciation |
27.50 |
23.00 |
78.00 |
58.00 |
80.18 |
| 6
|
Profit
(+) / Loss (-) before
Tax (1+2-3-4-5)
|
216.58 |
205.31 |
659.14 |
504.31 |
709.84 |
| 7 |
Provision
for Taxation |
|
|
|
|
|
| |
a)
Current Tax |
26.50 |
28.70 |
111.50 |
82.05 |
89.00 |
| |
b)
Deferred Tax |
5.00 |
- |
10.00 |
9.75 |
9.00 |
| |
c)
Fringe Benefit Tax |
0.70 |
1.30 |
2.55 |
3.20 |
4.20 |
| 8
|
Net Profit (+) / Loss (-) after Tax(6-7) |
184.38 |
175.31 |
535.09 |
409.31 |
607.64 |
| 9 |
Paid-up Equity Share Capital |
*155.46 |
59.97 |
*155.46 |
59.97 |
59.97 |
| 10 |
Reserves excluding
Revaluation Reserves
|
|
|
|
|
1913.97 |
| 11 |
**Earning
per Share (Rs.) |
2.37 |
2.34 |
6.90 |
5.46 |
8.11 |
| Notes: |
| 1. |
The
Company is exclusively in the pharmaceutical business
segment. |
| 2. |
*The
paid-up equity share capital stands increased to
Rs.155.46 crores (77,72,91,357 equity shares of
Rs.2 each) upon allotment of 1,10,46,310 shares
underlying Global Depository Receipts (GDRs) and
46,63,74,814 bonus shares during the quarter ended
June 2006. |
| 3. |
**The
quarterly Earning Per Share (EPS) figures are not
annualized and previous years’ EPS figures
are adjusted for the bonus issue. |
| 4. |
No
investor grievances were pending at the beginning
of the quarter. During the quarter ended 31st December,
2006, twenty one investor grievances were received.
As of 31st December, 2006 all grievances have been
suitably replied to. |
| 5. |
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 the 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.180.37 crores 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 separate proceedings
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 judgment 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 advice that the demand notices
of the government are not sustainable. |
6. |
The figures of the
previous year have been regrouped/recast to render
them comparable with the figures of the current
year. |
7. |
The above results
after being reviewed by the Audit Committee were
approved and taken on record at the meeting of the
Board of Directors held on 23rd January, 2007. |
|
| |
By order of the Board
For CIPLA LIMITED |
| |
|
| Mumbai
23rd January, 2007
|
Dr. Y. K. Hamied
Chairman & Managing Director
|
| |
|
|
Financial Review – Period
ended December 2006
|
| |
|
Financial performance:
|
|
|
|
Quarter Ended |
Nine Months Ended |
| |
31.12.2006 |
31.12.2005 |
% change |
31.12.2006 |
31.12.2005 |
%
change |
| |
|
|
|
|
|
|
| Domestic |
435.30 |
396.05 |
9.9% |
1352.56 |
1153.13 |
17.3% |
| |
|
|
|
|
|
|
| |
319.72 |
236.09 |
35.4% |
918.37 |
699.45 |
31.3% |
| APIs |
98.15 |
150.26 |
-34.7% |
333.04 |
292.16 |
14.0% |
| Total
Exports |
417.87 |
386.35 |
8.2% |
1251.41 |
991.61 |
26.2% |
| % of
exports to total sales |
49.0% |
49.4% |
|
48.1% |
46.2% |
|
| |
|
|
|
|
|
|
| Total
Sales |
853.17 |
782.40 |
9.0% |
2603.97 |
2144.74 |
21.4% |
| |
|
|
|
|
|
|
| Other
operating income |
|
|
|
|
|
|
| Technology
knowhow/fees |
25.76 |
25.49 |
|
46.78 |
35.33 |
|
| Others |
25.57 |
4.03 |
|
55.92 |
30.03 |
|
| Total |
51.33 |
29.52 |
73.9% |
102.70 |
65.36 |
57.1% |
| Income
from Operations |
904.50 |
811.92 |
11.4% |
2706.67 |
2210.10 |
22.5% |
| |
|
|
|
|
|
|
| Operating
margin |
219.27 |
158.93 |
38.0% |
675.74 |
486.61 |
38.9% |
| %
to income from operations |
24.2% |
19.6% |
|
25.0% |
22.0% |
|
| |
|
|
|
|
|
|
| Profit
before tax |
216.58 |
205.31 |
5.5% |
659.14 |
504.31 |
30.7% |
| %
to income from operations |
23.9% |
25.3% |
|
24.4% |
22.8% |
|
| |
|
|
|
|
|
|
| Profit
after tax |
184.38 |
175.31 |
5.2% |
535.09 |
409.31 |
30.7% |
| %
to income from operations |
20.4% |
21.6% |
|
19.8% |
18.5% |
|
Income from operations for the third
quarter 2006-07 increased by more than 11% over
the corresponding quarter in the previous year.
During the quarter, domestic sales grew at 10%.
While formulation exports grew by more than 35%
for the same period, APIs sales were down by about
35% mainly on account of higher sales to regulated
markets in the corresponding quarter of the previous
year. Other operating income has increased due
to higher export incentives received during the
quarter.
All the major segments including
anti-asthmatics, anti-biotics/bacterials, anti-aids
and cardiovascular segments have shown satisfactory
performance in the domestic market. In the exports
markets anti-retrovirals, anti-ulcerants, anti-asthmatics,
anti-depressants and cardiovascular segments have
performed well.
During the quarter, material cost
(as a percent to income from operations) has increased
due to change in product mix and lower API sales
to regulated markets.
The increase in staff cost is due
to overall increase in managerial remuneration
as well as overall manpower. Other expenditure
is lower on account of foreign exchange gains
and lower factory overheads. Interest cost has
reduced due to repayment of short term borrowings.
Other income has reduced as compared
to the corresponding previous quarter mainly due
to insurance claims received during the previous
year.
|
|
| |
| |
|
|
| |
|
|
|
|
