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Hyderabad-based Neuland Laboratories Ltd reported an 11.5 per cent increase in net profit at Rs 3.44 crore for the quarter ended September on marginal improvement in profitability due to lower costs.
The net profit was Rs 3.08 crore in the corresponding quarter last year.
The bulk drug and complex intermediates manufacturer registered revenues of Rs 105.09 crore for the September quarter, down from Rs 118.04 crore in the year ago period, a company statement said here.
The company reported EBITDA of Rs 14.68 crore in the second quarter of FY'14, compared to EBITDA of Rs 15.32 crore in the comparable period in FY'13, a decrease of 4 per cent.
“In the second quarter, Neuland demonstrated continued success in its ongoing campaign to reduce costs and increase profitability,” Chief Executive Officer D Sucheth Davuluri said.
“While the timing of delivery of some late-quarter production impacted reported revenues this quarter, Neuland’s strategy of strengthening our product mix as we gradually ramp up our higher-margin contract manufacturing business has enabled us again to achieve greater profitability year-over-year. We expect these positive trends to continue as we work to accelerate revenue growth in the coming quarters,” Davuluri said.
Neuland Laboratories is engaged in providing active pharmaceutical ingredients (APIs), complex intermediates and contract manufacturing services to customers located in 85 countries.
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