Jubilant Life Sciences, a Rs.5,775 plus crore pharma major from Uttar Pradesh, has generated consolidated net profit of Rs.117 crore during the third quarter ended December 2015 as against a net loss of Rs.112 crore in the corresponding period of last year. EBIDTA went up by 61.5 per cent to Rs.310 crore from Rs.192 crore. Its net sales declined by 6.5 per cent to Rs.1,337 crore from Rs.1,430 crore. With improvement in profits, EPS improved to Rs.7.34 from negative Rs.0.70 in the last period. Despite satisfactory growth in profits, Jubilant scrip declined by 2.9 per cent or over Rs.10 on BSE to Rs.354 in the afternoon session.
Shyam S Bhartia, chairman and Hari S Bhartia, co-chairman and managing director, said, “We are happy to report another quarter of consistent performance with significant improvement in profitability in our business segments. We have been able to sustain the momentum generated in the last few quarters and major initiatives undertaken by the company have started yielding results. Our commitment to the highest level of quality and compliance has been ably demonstrated by the successful inspection of all our facilities by the US FDA during the year. This will hold us in good stead to grow our business in the future.”
Its pharmaceutical revenue increased by 3.9 per cent to Rs.728 crore from Rs.701 crore in the similar quarter of last year driven by CMO of sterile injectables and strong growth in solid dosage formulations. Price pressure in some of the key products in US market due to supply chain consolidation led to muted growth in generics business. However, the sales from life science ingredients declined by 12 per cent to Rs.652 crore from Rs.744 crore due to lower input prices from declining crude prices resulting in lower prices of finished products.
Its international sales declined slightly by one per cent to Rs.1,019 crore from Rs.1,032 crore and contributed 74 per cent to its income. Its sales in US and Canada increased by one per cent to Rs.572 crore and that in Europe & Japan declined by one per cent to Rs.280 crore. However, its sales in China and ROW declined by 9 per cent to Rs.167 crore from Rs.182 crore. Its domestic sales declined by 13 per cent to Rs.361 crore from Rs.413 crore.
The company has completed US FDA inspection successfully of API facility in Nanjangud and CMO and radiopharmaceutials facilities in Montreal. It received approval for 5 ANDAs and it launched 2 new products in US during the quarter under review.
For the first nine months ended December 2015, Jubilant's consolidated net sales declined by 0.8 per cent to Rs.4,220 crore from Rs.4,253 crore in the similar period of last year. It registered a net profit of Rs.361 crore as against a net loss of Rs.100 crore. EPS for the nine months worked out to Rs.22.65 as against negative Rs.6.31 in the last period.
Its pharmaceuticals sales improved by 15 per cent to Rs.2,215 crore from Rs.1,919 crore and that of life science ingredients declined by 12 per cent to Rs.2,086 crore from Rs.2,370 crore. Pharmaceutical sales contributed 52 per cent to its total sales. International revenue reached at Rs.3,129 crore contributing 73 per cent to overall mix. Its sales in US & Canada increased by 15 per cent to Rs.1,805 crore. However, its sales in Europe & Japan declined by 8 per cent to Rs.809 crore and that in China and RoW declined by 10 per cent to Rs.515 crore. Its domestic sales declined by 7 per cent to 1,172 crore.