J B 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.
The
net sales of formulation through exports in US Dollars increased by 5
per cent. Its increased concentration on formulations exports has
yielded positive results that are reflected in 21 per cent growth
achieved for nine months ended December 2010.