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Business News/ Companies / Jubilant Life Sciences posts Q1 net profit of Rs5 crore
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Jubilant Life Sciences posts Q1 net profit of Rs5 crore

Net sales of Jubilant Life Sciences rises to `1,460.53 crore in the June quarter from `1,318.04 crore previous fiscal

Jubilant Life Sciences had posted a net loss of `52.62 crore during June quarter in fiscal 2014. Photo: BloombergPremium
Jubilant Life Sciences had posted a net loss of `52.62 crore during June quarter in fiscal 2014. Photo: Bloomberg

New Delhi: Jubilant Life Sciences on Tuesday posted a consolidated net profit of 4.78 crore for the first quarter ended 30 June. The company had posted a net loss of 52.62 crore during the same period of previous fiscal.

Net sales of the company, however, rose to 1,460.53 crore during the period, as compared to 1,318.04 crore in the same period of previous fiscal, Jubilant Life Sciences said in a filing to the BSE.

Commenting on the results, Jubilant Life Sciences chairman & managing director Shyam S. Bhartia said the company’s performance during the quarter was affected due to extended plant shut-down in CMO business to address USFDA issues.

“These operations have now normalised and, along with new product introductions and strategic initiatives, should deliver strong performance in our pharmaceutical operations," he added.

The company said it has completed the consolidation of its entire pharmaceutical business under Jubilant Pharma, Singapore with effect from 1 July 2014.

“This has been financed by a $147.5 million funding from IFC, which includes $87.5 million long term loan, $60 million of zero coupon optionally convertible loan and a further loan of $52.5 million to be syndicated by IFC," it added.

Shares of Jubilant Life Sciences on Tuesday closed 1.06% higher at 196.15 apiece on the BSE. PTI

The promoters of HT Media Ltd, which publishes Hindustan Times and Mint, and Jubilant Life Sciences are closely related. There are no promoter crossholdings.

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Published: 05 Aug 2014, 08:49 PM IST
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