In the time of economic slowdown when major companies are facing pressure on their balance sheets, Gujarat-based pharmaceutical firm have registered a healthy growth and seen substantial rise in net profit in the financial year 2008-09.
Top drugmakers like Torrent Pharma, Zydus Cadila and Dishman Pharma have seen growth in domestic as well as international sales and rise in profits.
"Despite recession in Western markets, pharma companies here have seen jump in their exports, which is a positive sign," said Sunil Parekh, a pharma industry expert who is also advisor to some firms in the state.
Zydus Cadila has posted registered a net profit of Rs 303 crore, up 18 per cent year-on-year. The company has clocked a total income of Rs 2,948 crore, up 26 per cent from Rs 2,333 crore in the corresponding period last year on a consolidated basis.
Torrent Pharma's profit has gone up by 36 per cent and sales by 21 per cent, from Rs 1,336 crore to Rs 1,617 crore, in the last fiscal during which the economic downturn started.
In its exports segment, Torrent has witnessed 38 per cent growth and its sales outside India stood higher at Rs 823 crore.
In the case of Zydus, the topline growth was driven by 50 per cent rise in formulation exports, 34 per cent in API (active pharmaceutical ingredients) exports and 27 per cent in consumer business.
The growth in formulations exports was buoyed by 55 per cent increase in sales in the US market, 32 per cent in Brazil and 81 per cent rise in exports to the other emerging markets, according to a company release.
Dishman Pharma is another company to put up an impressive show. It has seen a 21 per cent jump in consolidated net profit, which stood at Rs 146.74 crore in 2008-09 as compared to Rs 121.52 crore in the previous year.