The Mumbai-based Rs 500-crore Elder Pharmaceuticals today announced its unaudited financial results for the third quarter ended 30 June 2008.

Review of quarterly financial performance:
Elder Pharmaceuticals has reported a robust quarter-on-quarter revenue expansion with total income increase of 21.51% from Rs 121.51 crore in the preceding quarter to Rs 147.65 crore for the quarter under review. EBIDTA for the quarter under review was Rs 29.35 crore, implying an EBITDA margin of 19.88%. PAT stood at Rs17.54 crore, up 16.31% from the preceding quarter.

Commenting on the results, Mr. Alok Saxena, Director (International), Elder Pharmaceuticals said, “We are extremely pleased to report an encouraging performance in our key geographies. During the quarter we were able to simultaneously grow our existing business and add new ones which have helped us to reach our primary targets and have led to our strong performance in this quarter.”

He added, “We are continuously making efforts to better our margins and increase our profitability in order to maximize our shareholder value. We are confident that these efforts will prove successful.”

Operating Highlights of the quarter under review

Consequent to the in-licensing deal signed with the Milan based biopharmaceutical company, Gnosis, Elder would be launching 4 of its products in India, which features in anti-arthritic, anti-osteoporotic & cardiac market segments. The first product to be launched would be ‘Sampure’ which contains S-Adenosyl Methionine (SAMe), which is a biological compound present virtually in every cell of the human body. It plays an important role in the metabolic processes of various systems in our body including Bones & Joints. As a result, it has been clinically found to be useful in the management of signs & symptoms of Osteoarthritis, wherein it controls pain & has also been found to be clinically as effective as NSAIDs. The incidence of Osteoarthritis in India is very high & one estimate puts it at 50 -55 million patients suffering from this disorder. The increase in the elderly population is only going to worsen the scenario. Currently NSAIDs are prescribed for pain management in osteoarthritis & the market for such products is at around Rs. 1500 crores.

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