Mumbai: Drugmaker Jubilant Life Sciences reported a 53% rise in quarterly net profit from a year earlier, after the demerger of its agricultural and polymers business, driven by robust growth in life sciences and generic products.
The Delhi-based company on Tuesday said consolidated net profit for the June quarter stood at Rs771.2 million versus 504.3 million for comparable operations a year earlier, while net sales were Rs944 crore from Rs818 crore earlier.
Prior to the demerger, the erstwhile Jubilant Organosys reported a net profit of Rs627.3 million on net sales of Rs980 crore in the June quarter of FY11. The demerged businesses of agriculture and polymers now sits in Jubilant Industries.
Revenue from life science products, which stood at Rs739 crore in April-June, contributed 78% to sales and grew 19% on year on the back of both pricing strength and volumes growth, Jubilant Life Sciences said in a statement.
Generic products clocked sales of Rs131 crore, about 14% to the sales, and rose 33% on year, it added.
“We expect to continue our growth momentum with the commissioning of new capacities, product launches, expansion in high growth geographies and increased capacity utilization in services business,” said Shyam Bhartia, chairman and managing director.
“We are confident of continued delivery of robust growth in sales and substantial growth in operating profit in the following quarters as well.”
The company, which earned 69% of its revenue from overseas, said June quarter sales from Europe and Japan jumped 50% while those from emerging markets grew 16%.
Sales in US, the world’s top drug market, and Canada saw sluggish growth of 9%.
The company said it had filed for US marketing rights for three generic central nervous system products and patents for two of them were due to expire in 2012.
Shares of Jubilant Life Sciences, which have gained 17.4% in April-June as compared to BSE healthcare index that rose 6.215, closed down 2.32% at Rs191.65 in a weak Mumbai market.