Jubilant Life Sciences posts net profit of Rs 5 cr in Q1

Jubilant Life Sciences today posted a consolidated net profit of Rs 4.78 crore for the first quarter ended June 30.

The company had posted a net loss of Rs 52.62 crore during the same period of previous fiscal.

Net sales of the company, however, rose to Rs 1,460.53 crore during the period, as compared to Rs 1,318.04 crore in the same period of previous fiscal, Jubilant Life Sciences said in a filing to the BSE.

Commenting on the results, Jubilant Life Sciences Chairman & Managing Director Shyam S Bhartia said the company's performance during the quarter was affected due to extended plant shut-down in CMO business to address USFDA issues.

"These operations have now normalised and, along with new product introductions and strategic initiatives, should deliver strong performance in our pharmaceutical operations," he added.

The company said it has completed the consolidation of its entire pharmaceutical business under Jubilant Pharma, Singapore with effect from July 1, 2014.

"This has been financed by a USD 147.5 million funding from IFC, which includes USD 87.5 million long term loan, USD 60 million of zero coupon optionally convertible loan and a further loan of USD 52.5 million to be syndicated by IFC," it added.

Shares of Jubilant Life Sciences today closed 1.06 per cent higher at Rs 196.15 apiece on the BSE.