Greenply Industries net profit declines to Rs7.19 crore in December quarter

Greenply Industries reported net sales of Rs316.54 crore in the December 2010 as against Rs218.52 crore in the same period of the last fiscal

Greenply Industries Ltd said its net profit for the December 2010 quarter stood at Rs7.19 crore compared to Rs13.93 crore posted in the corresponding quarter of last fiscal. This was primarily due to losses sustained at the new MDF and laminate units at Pantnagar, Uttarakhand and Nalagarh, Himachal Pradesh, amounting to Rs12.11 crore on account of low capacity utilisations and product-mix.

The company reported net sales of Rs316.54 crore in the December 2010, registering a growth of 44.86% as against Rs218.52 crore in the same period of the last fiscal.

On Wednesday, Greenply Industries ended 3.28% up at Rs185.95 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.38% to 18,090.62 points.
 

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Venus Remedies gets MHRA approval for anti-cancer drug

Venus Remedies stands amongst the first few to receive the market authorisation for Gemcitabine

Pharma company, Venus Remedies Ltd has received authorisation from Medicine and Healthcare Regulatory Agency (MHRA), UK to sell Gemcitabine, one of the key products for the treatment of cancer.

Pawan Chaudhary, CMD, Venus Remedies, said, "Venus is all set to capture substantial market share by entering the highly lucrative market of Europe as it stands amongst the first few to receive the market authorisation for Gemcitabine." Gemcitabine is a $1.5 billion drug world wide with more than 30% market share from Europe. Gemcitabine is used in the treatment of a variety of cancerous diseases including the cancer of lungs, pancreas, bladder and breast. The product is available in the strength of 200mg and 1000mg. Both strengths of Venus dossier have been approved by UK MHRA authorities.

Venus will produce Gemcitabine from its Baddi facility in India and planned to launch the product in UK and Germany along with other EU countries by second quarter of 2011.

On Wednesday, Venus Remedies ended 3.22% up at Rs223 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.38% to 18,090.62 points.

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Q3FY11 analysis: Lupin, ONGC

Lupin’s results were a tad disappointing; ONGC was in line—realisations are improving, but limited by the subsidy burden

LUPIN

  • Net sales were at the lower end of expectations and net profit at the higher end.
     
  • Staff costs and other expenditure rose sharply. However, other income and a lower tax rate helped net profit growth.
     
  • Export formulations to unregulated markets were up 31% at Rs1.1 billion.
     
  • The company has filed five abbreviated new drug applications during the quarter and remains one of the largest filers from India. It also has one of biggest pending ANDA pipelines among Indian pharma companies.

Lupin Q3 FY11 Result Highlights

(Rs million)

Dec 09

Sept 10

Dec 10

Net sales

12,554

 14,050

 14,672

Net profit

2,152

 2,478

 2,516

 Lupin’s share has been falling over the last month or so.

 ONGC

  • Both net profit and net sales were higher than expected.
     
  • Natural gas sales were up nicely due to upward revision in APM gas prices.
     
  • Subsidy burden was up 21%.
     
  • Since dry well write-offs and survey expenses were lower this quarter, chances are they will be higher next quarter.
     
  • A sharp rise in subsidy burden limited the rise in realisations.
     
  • Domestic crude volumes were up after declining for 10 out of 12 quarters.

ONGC Q3 FY11 Result Highlights

(Rs million)

Dec 09

Sept 10

Dec 10

Net sales

155,061

184,303

189,062

Net profit

30,536

 53,888

70,832

 ONGC’s share price has been falling over the last three months but is seen to be picking up of late.

This article is based on secondary research. The report is for information only. None of the stock information, data and company information presented herein constitutes a recommendation or solicitation of any offer to buy or sell any securities. Investors must do their own research and due diligence before acting on any security. Some of the opinions expressed in this article are the author's own and may not necessarily represent those of Moneylife

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