Pfizer is a bright spot

In an otherwise lackluster market, Pfizer is a bright spot, thanks to its exuberant Q2 performance. The stock which had closed yesterday at Rs.2438.55, hit an intra day high at Rs.2600. Volumes are pretty robust at around 3 lakh shares compared to 11,000 shares on a two-week average.

Pfizer reported a revenue increase of 6% for the second quarter ended September 30, 2015. A very strong prior year comparative has impacted topline growth rate. Most key brands of the company have delivered double digit growth.  EBITDA for Q2 is at 22.3%. Excluding a one-off VAT related accrual, EBITDA would have been higher by 1.8% points. Profit from operations for the quarter at Rs.85 crore grew by 30% (YoY).

PBT and exceptional items was at Rs 101 crore, up 26%. Exceptional items reflect proceeds from surrender of unexpired lease hold rights, partly offset by expenses in relation to Thane Plant business transfer and this is what subdued the bottomline in Q2FY15 by Rs.726 crore. Thanks to the lower base effect, net profit for the current Q2 has shown a massive jump up from Rs.2 crore to Rs.62 crore.