The Hindu Business Line : Jubilant suffers Rs 62-cr loss in second quarter

New Delhi, Oct. 14 Jubilant Organosys Ltd on Tuesday reported a consolidated second-quarter net loss of Rs 62.7 crore due to foreign exchange losses, but maintained its revenue growth guidance for the current financial year.

The company said it made a foreign exchange loss of Rs 174 crore in the quarter due to losses on the restatement of foreign currency borrowings following the weakening of the rupee, which depreciated over 8.4 per cent against the dollar during the quarter.

On the outlook for financial year 2009, the company said it is benefiting from good business performance across board.

“In light of the improved production capacities, expanded product line-up and enhanced global scope of operations Jubilant believes it will record more than 50 per cent rise in revenues for FY2009. The margin performance is also expected to track the robust increment in the turnover and is likely to result in good earnings for the fiscal year. The earnings outlook does not consider any potential effect of exceptional items that may arise in the future which will primarily relate to unrealised foreign exchange gains/losses on account of restatement of outstanding FCCBs and foreign currency loans,” said a press release.

Revenues for the second-quarter ended September 30, 2008 rose by 52.1 per cent to Rs 940.5 crore over Q2 FY 2008.

The international revenue was also higher by 64.8 per cent at Rs 537.2 crore on account of volume growth across all segments of business.

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