Jubilant Life Sciences, formerly known as Jubilant Organosys, has repaid US$ 202 million on account of outstanding FCCBs including YTM of US$ 60 million. With this repayment, no more FCCBs are outstanding in the books. The company has repaid all outstanding FCCBs on time, as per schedule, in line with the terms and conditions of the FCCB instruments, showing its commitment to meet its obligation on time and demonstrating its financial strength.
Shyam Bhartia, chairman and managing director, and Hari Bhartia co-chairman and managing director, said, “ It has been our objective to strengthen our balance sheet by using a more optimal mix of capital. After the repayment of our last FCCBs amounting to US$ 202 million, there are no major debt repayments due for the next 3 years. We have good visibility of growth and have exciting plans to augment capacities, introduce products and enter new markets across our lines of businesses, thereby driving revenue and earnings growth momentum for the company.”
The company achieved consolidated net sales of Rs. 3,433 crore during the year ended March 2011 and earned a net profit of Rs. 230 crore with basic EPS of Rs. 14.42. As against the equity capital of Rs. 15.93 crore, its reserves (excluding revaluation reserve) reached at Rs. 2,156 crore. Three company demerged its agri and performance polymer business into Jubilant Industries Ltd from April 1, 2010.