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Mumbai, Oct. 25 Robust revenues from the custom-manufacturing business have helped bolster the performance of drug-maker Nicholas Piramal India Ltd (NPIL) for the three-months ended September 30.But with the appreciating rupee expected to impact its topline in the current quarter, NPIL is taking steps to keep the bottom-line from getting affected, Mr Ajay Piramal, Chairman, told media persons. The company is looking to improve its cost efficiencies and keep prices under control to deal with the strong rupee, he said.

Global custom-manufacturing, where NPIL manufactures products for clients overseas, grew by 22 percent to Rs 340 crore in the period under review. Of this, custom-manufacturing supported from India accounted for Rs 70 crore, he said, which was up compared to Rs 16 crore in the corresponding period of the previous year. NPIL has registered steady revenues from contracts already under execution and has commenced shipment to a significant new customer during the quarter, the company said, without giving details.

On the recently de-merged innovative research, he said, the process was likely to be completed by the end of this fiscal. A research-spend of about Rs 75 crore will subsequently move to the new entity, he said.

NPIL’s path-labs business, under the Wellspring brand name, grew by 77 per cent to clock revenues of about Rs 31 crore. The business is looking at annual revenues of about Rs 125 crore, he said.

The appreciating rupee has forced the company to revise its guidance to a topline growth of 20 per cent, down from the earlier projection of 25 per cent. The earnings per share projection for the fiscal has however been increased to Rs 17.5, up from the earlier Rs 17.

The company’s performance in the previous quarter had been affected by the shortage of codeine used in NPIL’s cough-syrup Phensedyl. The shortage facing the two Government factories producing the product has, however, been resolved through Government imports, he pointed out. indicated. NPIL shares were up close to 3 per cent on the BSE, at Rs 285.80 on Thursday.

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