Piramal Healthcare declined 2.43% to Rs 189.05 at 11:05 IST on BSE, after the company said it has decided to shutdown its manufacturing facility in Huddersfield in United Kingdom.
The company made the announcement of the shutdown of its overseas manufacturing facility during trading hours today, 2 April 2009.
The stock hit a 52-week high of Rs 388.70 on 6 June 2008 and a 52-week low of Rs 163.75 on 19 February 2009.
The company's current equity is Rs 41.80 crore. Face value per share is Rs 2.
The current price of Rs 189.05 discounts the company's Q3 December 2008 annualized EPS of Rs 7.40, by a PE multiple of 25.55.
Piramal Healthcare has decided to shut its manufacturing unit in Huddersfield in the United Kingdom. The company would record Rs 71 crore as a one-time expense in the quarter ended March 2009 on this count.
Huddersfield facility generated revenue of 19 million pounds (approximately Rs 135 crore) in the financial year (FY) 2008-09. This facility provides services to four key customers and all the customers. Piramal will transfer this business to Morpeth plant (UK) and Ennore plant (India).
Piramal Healthcare had in 2005 acquired Avecia Pharmaceuticals now known as Piramal Healthcare (UK). The company currently has three manufacturing facilities in UK at Huddersfield, Morpeth and Grangemouth
Earlier in March 2009, Piramal Healthcare had announced that it had completed the acquisition of US-based Minrad International. Minrad would be operated as a wholly owned subsidiary of Piramal Healthcare.
Piramal Healthcare had on 28 January 2009 acquired the entire issued outstanding capital of RxElite Holdings, Inc., the wholly owned subsidiary and the inhalation anesthetic gas distribution arm of RxElite, Inc. for cash consideration of approximately $4.2 million.
Piramal Healthcare's net profit fell 47.6% to Rs 38.67 crore on 21.3% rise in net sales to Rs 580.46 crore in Q3 December 2008 over Q3 December 2007.
Piramal Healthcare is one among the top ten pharmaceutical contract-manufacturing firms in the world. A significant part of Piramal Healthcare's revenue comes from its contract research and manufacturing services (CRAMS), followed by healthcare solutions and diagnostics. Over the past year, it has been on an acquisition spree, buying selected brands of Khandelwal Labs, Minrad International, and recently, RxElite Holdings in the US.
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