J.B. Chemicals & Pharmaceuticals Ltd in its unaudited financial results for the nine months period ended December 31, 2002 achieved net sales of Rs. 22,594.75 lakh for the nine months ended December 31, 2002, as compared with Rs. 20,134.67 lakh for the corresponding period of last year, registering an increase of 12.22 per cent. The profit before tax is Rs. 4,590.02 lakh (Rs. 3513.97 lakh), again posting a healthy growth of 30.62 per cent. The deferred tax liability was Rs. 45.00 lakh (Rs. 22.95 lakh). The provision for taxation stood at Rs. 918.00 lakh (Rs. 775.00 lakh).
The Company has achieved a net profit of Rs. 3,627.02 lakh for the nine months period ended December 31, 2002 (Rs. 2,716.02 lakh) featuring a substantial increase of 33.54 per cent.
For the period April - December 2002, profit before interest, depreciation and tax (PBIDT) moved-up to Rs. 5,236.30 lakh (Rs. 4,040.21 lakh), reflecting a healthy growth of 29.60 per cent. The interest outgo was Rs. 106.28 lakh (Rs. 101.24 lakh). The Depreciation charge increased to Rs. 540.00 lakh (Rs. 425.00 lakh). The basic & diluted earnings per share for the nine months period ended on December 31, 2002 is Rs. 22.59 as compared with Rs. 16.91 of the corresponding period of last year, on a share capital of Rs. 1605.90 lakh, reflecting an increase of 33.59 per cent.
The Company recently announced the filing of its First Abbreviated New Drug Application (ANDA) with the US Food and Drug Administration (US FDA). The filing was made by NeoJB LLC, a US-based joint venture between J.B. Chemicals & Pharmaceuticals Ltd (India) and Spectrum Pharmaceuticals Inc. (USA). On approval of the ANDA and expiration of the patent for the indicated drug, JBCPL will manufacture the product and NeoJB will market the drug in the United States. The revenue from the sale of the indicated drug is likely to commence during 2004.
In April 2002, JBCPL and Spectrum formed NeoJB LLC to enable Spectrum to benefit from JBCPL's high quality, lower cost drug manufacturing capabilities through the sale of JBCPL's generic drugs in the United States. NeoJB LLC is an 80:20 joint venture of Spectrum and a subsidiary of JBCPL respectively. Spectrum is actively working to develop, seek approval for generic drugs in the U.S. market through NeoJB. These generic drugs will be manufactured by JBCPL and supplied to the said joint venture NeoJB for sale in the U.S. market.