Shasun Chemicals and Drugs has suffered a setback during the year ended March 2009 and it incurred a consolidated net loss of Rs 137.09 crore as against a net profit of Rs 24.60 crore in the previous year. This is mainly due to provision for foreign exchange loss of Rs 71.16 crore as compared to gain of Rs 31.13 crore. The company's consolidated net sales also declined by 7.2 per cent to Rs 750.83 crore from Rs 809.01 crore. The company closed down its manufacturing facility at Annan plant, a unit of a subsidiary in UK during 2008-09 resulting in impairment loss.
As against the equity capital of Rs 9.66 crore, the company's consolidated reserves declined to Rs 99.65 crore from Rs 229.86 crore in the previous year.
The company's standalone net loss amounted to Rs 33.37 crore as against a standalone net profit of Rs 22.26 crore in the previous year mainly due to provision of Rs 56.19 crore for the loss of foreign exchange. The company's standalone net sales increased by 8.1 per cent to Rs 457.80 crore from Rs 423.45 crore.
Meanwhile, Shasun Chemicals' D A Prasanna and Dr Jagadish Sheth resigned as directors and the company appointed in their place A Mahendran and Tapan Ray with immediate effect.