Vista Pharmaceuticals (524711) Q4 03/04 earnings summary

Executive summary

• FY2003-04 ended with a reported net loss of Rs. 309.81 lakh and cash loss of Rs. 35.53 lakh; accumulated losses reached Rs. 1,818.82 lakh.

• Exports to the US were Rs. 113.56 lakh; projected FY2004-05 sales were Rs. 180 lakh, with results expected to be influenced by the US economy.

Financial highlights

• Total income was Rs. 114.52 lakh versus Rs. 138.26 lakh in FY2002-03; export turnover was Rs. 113.56 lakh versus Rs. 137.80 lakh.

• Total expenditure was Rs. 421.32 lakh versus Rs. 414.22 lakh; financial charges rose to Rs. 243.94 lakh from Rs. 218.72 lakh.

• Net loss before prior-period adjustments and write-offs was Rs. 306.80 lakh versus Rs. 275.96 lakh; final net loss was Rs. 309.81 lakh versus Rs. 423.78 lakh.

• Production and turnover were 31.079 million tablets/capsules versus 37.923 million; no opening or closing finished-goods stock was reported.

Outlook and guidance

• Projected FY2004-05 sales were Rs. 180 lakh; export earnings were described as sensitive to foreign-exchange fluctuations and US economic conditions.

• Management expected productivity to reach 50–70% of capacity and profits to reach crores over the next 2–3 years.

• Products registered with the US FDA and other countries were awaiting approvals; additional registrations and R&D were expected to support regulated-market entry.