Mumbai, July 25: Pharma major Nicholas Piramal India registered a 19.06 per cent drop in its net profit at Rs 25.21 crore for the quarter ending June 30, 2003 as compared to Rs 31.15 crore in the same period last financial year. Net sales, however, registered a 18.15 per cent growth during the same period at Rs 263.75 crore as compared to Rs 223.22 crore in the previous fiscal, a company release said.
The company said the results for Q1 were not comparable with the figures of previous year as this year's April-June figures include results of the erstwhile Global Bulk Drugs and Fine Chemicals, which merged with the company on January one, 2003.
Exceptional charges pertaining to Rs 8.18 crore as VRS for the year has been debited during this quarter, the company said adding the quarterly financials were also affected by dividend receipts from joint ventures and subsidiaries.
Exports witness a growth of 240.7 per cent during Q1 of FY'04 at Rs 21.91 crore as against RS 6.43 crore in the same period last year, the release said.
Bureau Report