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| Shasun reports Rs 17.45 cr forex loss |
| BS Reporter / Chennai Nov 09, 2011, 00:05 IST |
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Shasun Pharmaceuticals Ltd reported forex loss of Rs 17.45 crore for April-September 2011 period, on a consolidated basis, compared with a loss of Rs 10.09 crore in the corresponding period last fiscal.
“Sudden depreciation of rupee against the US dollar in September resulted in higher forex loss. The company had provided for mark to market losses as at the end of September 2011 in respect of pending forex forward contracts, which expired in October 2012,” said S Abhaya Kumar, managing director, Shasun Pharmaceuticals Ltd, in a letter to shareholders.
The company’s UK subsidiary, Shasun Pharma Solutions Ltd (SPSL), posted 9.2 per cent growth in net profit to Rs 7.12 crore during the quarter ended September 30, 2011, as compared with Rs 6.52 crore in the same period last fiscal. However, its turnover dropped 7 per cent to Rs 65.51 crore from Rs 70.5 crore.
The pre-launch product pipeline with the subsidiary includes 19 live projects in the clinical trials in Phase II and III. Its launched product portfolio consists of 28 products till September 2011.
It would be focusing on capacity enhancement in active pharmaceutical ingredients (APIs), including gabapentine and ibuprofen derivatives, in the second half of the current fiscal. It would add a new production block for API products and a new manufacturing facility in Visakhapatnam, Andhra Pradesh, to cater to the growth in business.
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