Piramal Healthcare net up 10% on growth push

Driven by growth in contract research and manufacturing services (CRAMS) and over the counter (OTC) segment, Piramal Healthcare on Tuesday reported a 10% increase in its net profit at Rs 89 crore for the quarter ended June 2011, compared to Rs 81 crore in the same quarter of the previous fiscal.

Driven by growth in contract research and manufacturing services (CRAMS) and over the counter (OTC) segment, Piramal Healthcare on Tuesday reported a 10% increase in its net profit at Rs 89 crore for the quarter ended June 2011, compared to Rs 81 crore in the same quarter of the previous fiscal.

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Sales from CRAMS business, which sold its formulation business to global drug-maker Abott in 2010 for Rs 17,000 crore, grew by 40% to Rs 290 crore as against Rs 208 crore in same quarter last year. Sales in OTC and ophthalmology segment grew by 48% to Rs 56 crore as against Rs 38 crore in the same quarter last fiscal.

However, revenue from critical care business witnessed a decrease at Rs 91 crore as compared with Rs 108 crore in the same quarter last year.

The operating profit margins for the quarter were higher at 30.2% against 10.5% during the same quarter last year.