JB Chemicals & Pharmaceuticals, a Rs.670 crore plus Mumbai based pharma major, has announced satisfactory financial performance during the third quarter ended December 2010. Its net profit went up by 29 per cent to Rs.38.12 crore from Rs.29.56 crore in the corresponding period of last year. Its net sales moved up by 9.4 per cent to Rs.216.68 crore from Rs.198.07 crore.
It is now focusing on domestic formulation and as at the end of December 2010, the medical representative strength has increased to 690. The investment of Rs.40 crore being made by the company during the year in manpower, new marketing & R&D initiatives and modernization of Kadaiya (Daman) and Panoli (Gujarat facilities will all help achieve future growth.
It filed international patent application for novel Nicotine formulation that holds good promise for the company's exports business. It received US FDA approval for 25 mg and 50 mg delayed release tablets of diclofenac sodium (non-steroidal anti-inflammatory drug). This approval improves business prospects for this product in US as the company already markets 75 mg formulation of the said drug.
The leading South African pharmaceutical company and the Australian OTC major have expanded their business arrangement with the company for purchase of lozenges. It will commence supplies of lozenges to a UK multinational during the current quarter consequent to successful social accountability audit of the company's facility.
For the first nine months ended December 2010, its net sales increased by 20.7 per cent to Rs.608.69 crore from Rs.504.35 crore in the similar period of last year. Its net profit has taken a quantum jump to Rs.103.43 crore from Rs.74.02 crore, a growth of 39.7 per cent. This profit is higher than the fully year profit of Rs.101 crore.