Pfizer Q3 net rises 33 per cent to Rs 63.88 crore

Drug firm Pfizer today reported a net profit of Rs 63.88 crore for the quarter ended December 31, 2012, mainly on account of gain on sale of investment.

The company had posted a net profit of Rs 48.28 crore for the corresponding period previous fiscal, Pfizer said in a filing to Bombay Stock Exchange (BSE).

Net sales of the company stood at Rs 229.78 crore for the quarter under consideration against Rs 251.88 crore for the year-ago period.

The company has transferred on December 7, 2012, it's 100 per cent ownership in the wholly owned subsidiary Pfizer Animal Pharma Pvt Ltd to Pfizer Animal health India Ltd, a 100 per cent indirect subsidiary of Pfizer Inc, for a consideration of Rs 471.60 crore, Pfizer said.

"The gain on sale of investment of Rs 3,160 lakh is disclosed as  exceptional item for the current quarter," it added.

The sale of animal health business has been effective from April 2, 2012, therefore the figures of previous quarter are not comparable, Pfizer said.

In a separate filing to BSE, Pfizer said its board has accepted the resignation from board of its executive director (business operations) Sunil Madhok who retired from the services of the company with effect from January 31, 2013.

Shares of Pfizer were today trading at Rs 1,145.45 per scrip in the afternoon trade on BSE, up 0.76 per cent from its previous close.