Date:27/04/2005 URL: http://www.thehindubusinessline.com/2005/04/27/stories/2005042702610300.htm

Back Nicholas Piramal slips into red

Our Bureau

Mumbai , April 26

NICHOLAS Piramal India Ltd in its consolidated operations reported a net loss of Rs 13.43 crore for the fourth quarter of 2004-05, against a net profit of Rs 80.8 crore in the year-ago period.

During the quarter, the domestic market witnessed significant down stocking by trade channels in anticipation of VAT coming into effect on April 1 and also a chemists' boycott of psychotropic/narcotic drugs.

This factor also impacted its consolidated income, which stood at Rs 246.4 crore (Rs 340.8 crore).

The company's board has recommended a dividend of Rs 3 per share.

For the year, consolidated profit was Rs 164.05 crore (Rs 199.66 crore). Domestic branded formulations sales were significantly lower by 46.7 per cent.

Applies for Phase-I trial in Canada

Reiterating its focus on research, NPIL has submitted an investigational new drug approval (IND) to the Canadian regulators for Phase-I clinical trials of its oncology lead molecule P-276-00.

The company hopes to complete the Phase I trials by the end of the 2005-06 financial year. It recently set up a new state-of-the-art research centre in Mumbai, which will focus on the development of new chemical entities, novel drug delivery systems and process development work.