Jubilant Life Sciences Q1 net loss at Rs 106 cr

Company posted a net loss of Rs 73.60 crore during the same period of previous fiscal

Jubilant Life Sciences today said its net loss widened to Rs 105.88 crore for the first quarter ended June 30, 2013.

The company had posted a net loss of Rs 73.60 crore during the same period of previous fiscal.

Net sales of the company, however, rose to Rs 819.22 crore for the first quarter, as against Rs 736.82 crore during the same period of previous fiscal, Jubilant Life Sciences said in a filing to the BSE.

The company said its board has appointed a committee to consolidate the company's global pharmaceutical segment, comprising active pharmaceutical ingredients, solid dosage formulations, radiopharmaceuticals, allergy therapy products, sterile injectable and ointment, cream businesses.

The committee would also look to restructure the Drug Discovery and Development Solutions business under two separate subsidiaries and to evaluate the options and opportunities for raising money by listing the pharmaceuticals business, it added.

"This would result in focused growth in pharmaceuticals business and reduction of overall consolidated debt of the company," the company said.

The Noida-based firm said it has made necessary applications to obtain approvals for such consolidation and the work is in progress for necessary implementation of the defined activities.

"The proposed consolidation of the company's global pharmaceutical business and listing the same for equity infusion would result in further growth and reduction of overall consolidated debt of the company," Jubilant Life Sciences Chairman and Managing Director Shyam S Bhartia said.

Shares of Jubilant Life Sciences today closed at Rs 83 apiece on the BSE, down 7.57% from their previous close.