Pfizer Ltd., the Indian subsidiary of global pharmaceutical company Pfizer Inc., posted a profit growth of 6.4 percent in the first quarter of financial year 2017, beating street estimates.
Net profit for the April-June period increased to Rs 80 crore from Rs 75 crore in the same period last year. The consensus of estimates tracked by Bloomberg was Rs 67.3 crore.
Revenue for the June ended quarter rose 3.5 percent to Rs 501.2 crore from Rs 484 crore in the corresponding quarter of the previous year. The Bloomberg consensus estimate stood at Rs. 525 crore.
Earnings before interest, taxes, depreciation and amortisation fell 10.7 percent to Rs 101 crore from Rs 113 crore year-on-year. The EBITDA margin contracted 280 basis points to 20.2 percent from 23 percent.
The ban on Pfizer's Corex syrup by the India's health ministry had an impact on the revenue for the quarter, the company said in a press release.
Regulatory issues on Corex and pricing impact on number of brands have been the drivers of the soft revenue performance for the quarter.Pfizer India Earnings Press Release
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