Results not comparable as the effect for amalgamation has been given during the year ended March 31, 2015
Pfizer has announced its audited results for the year ended March 31, 2015. The Scheme of Amalgamation of Wyeth with Pfizer had become effective on December 1, 2014. The effect of amalgamation has been given in the results for the current quarter, sequential quarter and the year ended March 31, 2015. The results are not strictly comparable as the previous year quarter and year end are standalone Pfizer results.
A like to like comparison, reflects revenue of Rs 1828 crore for the year ending March 31, 2015 as compared to Rs 1632 crore for the same period last year, reflecting a growth of 12 per cent.
Profit from operations (before other income, exceptional items and tax) for the year is Rs 252 crore. EBITDA for the year is at 21 per cent. Higher expenses and depreciation / amortisation arising on amalgamation have impacted the profit from operations for the year. Excluding one off / incremental expenses, the EBITDA would be at 24 per cent.
The company had announced a voluntary retirement scheme during the year in its plant at Thane. Expenses in relation to VRS and other related costs are reflected as Exceptional item.
Profit after tax has been impacted by comparatively lower bank interest income and higher expenses. The profit after tax is further impacted by depreciation / amortisation on assets (goodwill, intangibles and tangible) arising out of amalgamation Rs 118 crore for the financial year 2013-14 and 2014-15 respectively. Profit for the year after the impact of amalgamation is Rs 70 crore.
The board has recommended dividend of Rs 12.5 per equity share of Rs 10 each (125 per cent) during the financial year ended March 31, 2015.
EP News Bureau – Mumbai
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