Pfizer Limited's quarterly net profit rose 65.7% to Rs 313.25 crore as a one-time gain from ending Minipress XL sales boosted the India-listed drugmaker's results.
Revenue from operations reached Rs 726.86 crore in the three months ended Sept. 30, up 13.2% from Rs 642.34 crore a year earlier, the company reported in its Nov. 3 results. Net profit in the year-earlier quarter was Rs 189.02 crore.
The company recorded Rs 132.06 crore as an exceptional item after related expenses. Without exceptional items, pretax profit rose 13.9% to Rs 290.77 crore from Rs 255.37 crore.
Pfizer Limited said in a Sept. 7 notice that Pfizer Inc. USA had decided to discontinue manufacturing Minipress XL. The India-listed company stopped marketing, distributing and selling the product that day and said it would receive a $13.9 million lump-sum payment from Pfizer Inc. USA.
Basic and diluted earnings per share were Rs 68.47, compared with Rs 41.32 a year earlier. The company reported earnings per share of Rs 47.09 before the exceptional item. B S R & Co. LLP issued a limited-review report on the unaudited results.
