Zydus Cadila Q2 Net Profit up by 47% to Rs.71 crore

Ahmedabad, 31 October 2006: During the second quarter ended September 30, 2006, Zydus Cadila, reported a total income of Rs.475 Crore, up 23% from Rs.387 crore in the corresponding quarter of the previous year, on a consolidated basis. The net profit was up 47% to Rs.71 crore from Rs.48 crore in the second quarter of 2005-2006. PBIDT was up by 34% to Rs.109 crore during the quarter from Rs.81 crore in the corresponding period last year. The income growth was mainly driven by 97% growth in formulation exports and API exports growth of 56%.

During the quarter, the company's subsidiaries in France and US registered a strong performance. Zydus France SAS, which currently markets over 85 generic presentations, registered 87% growth in sales for the quarter. The company filed 6 dossiers for new products and 6 additional site transfer applications with the French regulatory authority AFSSAPS, this quarter.

In US, the company's sales grew by 352%. The group filed 2 more ANDAs and 5 additional DMFs this quarter taking the total to 41 ANDA filings and 45 DMFs. During the quarter, the group received approval for Meloxicam Tablets taking the cumulative approvals to 17, of which 7 products have been launched so far.

Moving ahead, the company has incorporated a subsidiary in Japan to market Generic formulations and API in the Japanese market. The product registration process is expected to begin in 2007.

The company signed 3 more contracts this quarter for contract manufacturing with international companies, taking the cumulative number of contracts signed to 17 with peak revenue potential of US $25.5 million.

During this quarter, the company launched Novolizer, a device for asthma and COPD. Meda Pharma of Sweden has provided the technology for the device alongwith exclusive rights to manufacture and market Novolizer in India.

Source : Equity Bulls

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