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Exports drive Jubilant net up 191 pc in Q3

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NEW DELHI, Jan. 31

SPECIALITY chemicals company Jubilant Organosys Ltd has reported 191 per cent increase in net profit to Rs 13.1 crore for the third quarter ended December 31, 2002, as against Rs 4.5 crore in the corresponding quarter last year.

Net sales recorded a growth of 36 per cent to Rs 194.1 crore compared to Rs 142.6 crore in the same quarter last year. And speciality chemicals, continuing its growth path, contributed the lion's share of 69 per cent in this quarter, compared to 57 percent in the comparable period.

Export revenue grew to Rs 51.3 crore, up 79 per cent over the previous year's Rs 28.6 crore.

Meanwhile, in the nine-month period (April-December), the company recorded a growth of 161 per cent in net profit to touch Rs 38.1 crore, compared to Rs 14.6 crore in the previous year. The net sales touched Rs 527.6 crore recording a growth of 20 per cent over Rs 440.4 crore recorded in the corresponding period last year. Exports revenue increased 82 per cent from Rs 75 crore to Rs 136.3 crore.

In its communiqué issued here on Friday, the company said that the active pharmaceutical ingredients (API) business acquired from Max India was integrated for the period of four months (September-December) and the results reflected this.

Subsequently, the last quarter's revenues included the performance of acquired API business of Rs 25.5 crore since as per the business transfer agreement signed with Max on November 20, the economic benefits accrue to the company with effect from September 1.

Mr Shyam S. Bhartia, Chairman, pointed out that, "While our business continues to gain strength, our exports and speciality chemicals performance has delivered exceptional results. With the financial integration of the API operations, our business model gains another dimension where the revenue contribution from the pharmaceuticals sector has shown a substantial increase."

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