Financial Daily from THE HINDU group of publications
Tuesday, Sep 27, 2005
Financial Daily from THE HINDU group of publications Tuesday, Sep 27, 2005 |
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Financial Performance Corporate Results - Pharmaceuticals Pfizer Q3 net rises 62 pc Our Bureau
Mumbai , Sept 26 PFIZER Ltd has posted 62 per cent growth in net profit at Rs 21.8 crore for the rained-out third quarter ended August 2005, compared with Rs 13.4 crore for the corresponding previous period. During the quarter, on July 26 - the day Mumbai was flooded out - its warehouses at Bhiwandi on the fringes of the city were under water and huge quantities of medicine stocks of several drug companies were destroyed. Pfizer had taken a hit with medicine stocks worth an estimated Rs 100 crore destroyed by the floods. A top company official told Business Line that Pfizer was looking at its cost base and working towards improving operational efficiencies. He added that operational excellence in supply chain, marketing, etc., had contributed to the 62 per cent growth in net. Total income rose 15 per cent to Rs 173 crore (Rs 150 crore), the company told the BSE. Flood effect: In Monday's notice to the exchange, Pfizer also said that its stocks lying at its warehouses at Bhiwandi had been badly affected due to the heavy rainfall in Mumbai on July 26 and the flood thereafter. "The company is in the process of lodging the claim with the insurers." The estimated loss on account of the same has been placed at Rs 2 crore (net of estimated insurance claim). The company has received on account payment of Rs 4 crore from the insurance company, Pfizer added. The company official clarified that Rs 100 crore was the total loss across different Pfizer entities and Rs 2 crore was the net loss of Pfizer Ltd.
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