Cadila Healthcare sales up 16.1%

Our Corporate Bureau
15 July 2003

Ahmedabad: Posting an excellent all-round growth for the quarter ended 30 June 2003, Cadila Healthcare registered sales of Rs 194.82 crore — up by 16.1 per cent from Rs 167.81 crore in the corresponding quarter of the previous year.

On the profitability front, the profit before interest, depreciation and tax rose by 42 per cent to Rs 44.41 crore from Rs 31.27 crore. The high growth comes in spite of an increase in other expenses, which went up by 31.9 per cent (quarter-on-quarter) on account of the expenditure incurred in setting up operations in regulated markets, particularly in the US.

The company's profit before tax rose by a whopping 46.5 per cent to Rs 31.49 crore from Rs 21.50 crore in the comparative quarter last year. The net profit is also up at Rs 25.59 crore from Rs 19.30 crore, registering a growth of 32.6 per cent, despite a higher tax provision, which went up by 168.2 per cent as compared to the corresponding quarter of the previous year.

Registering growth in its core business areas, the company's domestic formulation business registered a 10.8-per cent growth. The revenues have been on the rise with the company's flagship brands and recent launches faring exceedingly well. Mifegest launched in March 2002 registered a growth 62 per cent (year-on-year).

Atorva and Pantodac, which are brand leaders in their respective segments, registered a growth of over 40 per cent. Losacar grew by 35 per cent with Dexona, Amlodac, Penegra and Spasmindon growing by over 20 per cent over the corresponding period of the previous year.

The company's API business registered growth of 15 per cent to Rs 48 crore from Rs 41 crore. Exports grew by 33 per cent to Rs 35 crore from Rs 26 crore. The consumer division registered sales of Rs 11 crore, up from Rs 7.65 crore — a growth of 44 per cent.