Pharma company Nicholas Piramal India Ltd has posted a higher net profit at Rs 37.5 crore (Rs 375 million) in the third quarter ended December 31, 2003 as against Rs 21.1 crore (Rs 211 million) in the same period last fiscal.

The net sales for the reporting quarter grew to Rs 262.02 crore (Rs 2,620.2 million) as compared to Rs 219.5 crore (Rs 2,195 million) in the October-December 2002, the company said in a release in Mumbai on Wednesday.

The net profit and sales for the nine months ended December 31, 2003 stood at Rs 110.4 crore (Rs 1,104 million) [Rs 78.49 crore (Rs 784.9 million) in April-December 2002] and Rs 836.77 crore (Rs 8,367.7 million) [Rs 697.03 crore (Rs 6,970.3 million)] respectively, it said.

The results for the quarter and nine months of 2003-04 are not comparable with those of corresponding period in 2002-03 due to Global Drug and Fine Chemicals Ltd's merger with NPIL from January 1, 2003.

The company's voluntary retirement scheme and separation costs for nine months amounted to Rs 12.1 crore (Rs 121 million). The total employees base as on December 31, 2003 stood at 4,375 including 230 research and development personnel (4,036 at the end of December 2002).

The board decided to merge Sarabhai Piramal Pharma Ltd, a 100 per cent subsidiary, and Canera Active and Fine Chemicals Pvt Ltd with NPIL, subject to shareholders and the Bombay High Court approval, it added.