Contract research and manufacturing services (CRAMS) major Dishman Pharma has seen its stock slide from `219.55 in January to `132.15 in November, on the back of declining revenues and profits. The sluggish business prospects dented the company's performance despite astrong CRAMS product pipeline.
As the slowdown in outsourcing continued, there was a suspension of Eposartan supplies to Solvay due to the restructuring of manufacturing and the merger of Solvay with Abbott. A strengthening rupee against the euro and a delay in the completion of new high potency (HIPO) plant (unit-IX) added to the woes.
However, things are set to improve with better revenue visibility. Solvay's supplies have resumed and could go up to 150 tonnes per annum, analysts said. The HIPO plant is expected to be operational in the March 2011 quarter and commercial supplies to three-four new contracts will commence in the next one year. The commercial supplies for cardio-vascular intermediates will also start in the fourth quarter, and are expected to add $6.5 million ( `29.3 crore) to the Q4 revenues.
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