Jubilant Life Q1 net profit dips 93%

The loss was caused due to unrealised mark-to-market forex loss on loans

Jubilant Life Sciences today said its consolidated net profit dipped by 93.50% to Rs 5.01 crore for the quarter ended June 30, 2012, due to unrealised mark-to-market forex loss on loans of Rs 104 crore.

The company had posted a net profit of Rs 77.12 crore for the same period last fiscal, Jubilant Life Sciences said in a statement.

The consolidated net sales of the company rose to Rs 1,235.89 crore for the quarter ended June 30, 2012 from Rs 941.87 crore for the year-ago period.

"Profit before exceptional items, tax and minority interest was at Rs 158 crore, up 64% year-on-year. Reported profit after tax of Rs 5 crore was after accounting for unrealised mark to market forex loss on loans of Rs 104 crore," the company said.

Commenting on the results Jubilant Life Sciences Chairman and MD Shyam S Bhartia said, "We are happy to report strong revenue growth of 31% for the quarter along with operating profit growth of 46%, year on year."

Our strategy of geographic expansion is yielding fruits in terms of 37% growth in international revenues, which now account for 73% of the revenue mix, he added.

In FY 2013, the company expects to maintain its guidance of achieving 20-22% revenue growth with EBITDA margins sustainable at about 21%, it added.

Shares of Jubilant Life Sciences today closed at Rs 172 apiece on the BSE, up 1.15% from its previous close.