Nicholas Piramal Q1 profit after tax down at Rs.34.39 Crores, to merge Nicholas Piramal Consumer Products

Nicholas Piramal India Ltd has announced the following Audited Results for the quarter ended June 30, 2007.

The Company has posted a profit after tax of Rs 343.90 million for the quarter ended June 30, 2007 where as the same was at Rs 510.00 million for the quarter ended June 30, 2006. Total Income (net of excise) is Rs 3970.90 million for the quarter ended June 30, 2007 where as the same was at Rs 4018.90 million for the quarter ended June 30, 2006.

The Unaudited Consolidated Results are as follows: The Group has posted a consolidated profit after prior period items of Rs 434.30 million for the quarter ended June 30, 2007 where as the same was at Rs 538.60 million for the quarter ended June 30, 2006. Total Income (net of excise) is Rs 6100.90 million for the quarter ended June 30, 2007 where as the same was at Rs 5225.80 million for the quarter ended June 30, 2006.

The results for the quarter ended June 30, 2007 are not strictly comparable with the figures of the corresponding period of the previous year as the current quarter's figure include the operations of Morpeth manufacturing facility acquired from Pfizer on June 19, 2006 which was not included in the consolidated results for the quarter ended June 30, 2006.

The Board of Directors of the Company at its meeting held on July 25, 2007, inter alia, has approved a proposal for merger of the Company's wholly owned subsidiary, Nicholas Piramal consumer Products Pvt Ltd (formerly known as Boots Piramal Healthcare Pvt Ltd) with the Company.

The company has reported an Earnings Per Share (EPS) of Rs.1.6 for the Quarter ending June 30, 2007 compared to Rs.2.4 for Quarter ending June 30, 2006.

The stock was trading at Rs.267.50, down by Rs.15.60 or 5.51%. The stock hit an intraday high of Rs.284.90 and low of Rs.265.10. The total traded quantity was 46474 compared to 2 week average of 45524.

Source : Equity Bulls

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