Mumbai, July 22 (PTI): Nicholas Piramal India Ltd has posted an 85.1 per cent growth in net profit at Rs 48.74 crore in the first quarter ended June 2004 as against Rs 26.32 crore in the corresponding period last fiscal. The net sales for the reporting quarter rose to Rs 340 crore from Rs 300 crore in the year-ago period.

The domestic formulation business grew by 14.6 per cent as against the industry average of 7.8 per cent. Exports stood at Rs 37.79 crore in April-June 2004, the company chairman Ajay Piramal said.

Novartis net at Rs 21cr

Novartis India Ltd has reported a 19.91 per cent rise in net profit at Rs 21.14 crore for the first quarter ended June 30, 2004, compared with Rs 17.63 crore posted in the first quarter of the previous fiscal.

Total income during the period under review decreased to Rs 138.48 crore from Rs 140.89 crore in the year-ago period.

All the businesses of the company excepting animal health reported growth in sales. Investments in profits was primarily due to better product-mix and lower depreciation post impairment of the company’s assets at Mahad in Maharashtra.

Glenmark Pharma soars

Glenmark Pharmaceuticals Ltd has reported a 152 per cent rise in net profit at Rs 9.78 crore for the first quarter ended June 30, 2004 compared with Rs 3.88 crore posted in the first of previous fiscal.

Sales during the period also increased to Rs 98.58 crore as against Rs 58.06 crore in corresponding period of the first quarter.

On a consolidated basis, net profit grew by 163.61 per cent at Rs 10.23 crore. Export revenues, excluding Brazil, rose by 291.51 per cent to Rs 21.43 crore.

During the June quarter, Glenmark has incorporated wholly-owned subsidiaries Glenmark Nigeria Ltd and Glenmark Pharmaceuticals SA. The company has also completed operational integration of its Brazilian acquisition Klinger Laboratories.

Unichem Lab

Unichem Laboratories has reported a 38.4 per cent rise in net profit at Rs 14.4 crore for the first quarter ended June 30, 2004 compared with Rs 10.41 crore posted in the first quarter of the previous financial year. Net sales during the period under review has increased to Rs 111.62 crore as against Rs 86.21 crore in the year-ago period.