J.B. Chemicals & Pharmaceuticals Ltd. (JBCPL) achieved net sales of Rs. 6168.33 lakh for the first quarter ended June 30, 2002, as compared with Rs. 5510.70 lakh for the same period last year, registering an increase of 11.93 per cent.

The profit before tax is Rs. 1065.58 lakh (Rs. 849.35 lakh), reflecting a steep increase of 25.46 per cent. The provision for taxation (current and deferred tax) is Rs. 215.00 lakh (Rs. 150.00 lakh). The profit after tax stood at Rs. 850.58 lakh (Rs. 699.35 lakh) reflecting again a healthy increase of 21.62 per cent.

Profit before interest, depreciation and tax moved-up to Rs.1279.49 lakh (Rs.1048.89 lakh), posting a healthy growth of 21.99 per cent. Outgo on account of interest came down to Rs. 33.91 lakh (Rs. 34.54 lakh). The depreciation charge is Rs. 180.00 lakh (Rs. 165.00 lakh). The basic & diluted earnings per share for the first quarter ended on June 30, 2002 is Rs.5.30 (Rs.4.35) on a share capital of Rs. 1605.90 lakh.

One of the highlights of the first quarter was, the Company's having received permission to market and distribute its Ofloxacin, once-daily (OF OD) formulations. Ofloxacin extended release tablets are administered for the treatment of mild to moderate infections and will be available in two strengths - 400 mg and 800 mg. Ofloxacin - a NDDS product, is the result of indigenous technology called "Bilayer Extended Release Technology" or "BERT", the first of its kind in India, developed through the Company's extensive in-house R&D efforts. OF OD will help in minimizing dosage and maximizing convenience. This will further consolidate the Company's position in the pharmaceutical market.

During the year, the Company plans to set-up a state-of-the-art manufacturing facility in Daman to exclusively manufacture its world class Doktor Mom range of cough lozenges and tablets. This facility will be built as per International GMP standards, at a projected cost of Rs. 15 crore and will be totally financed through internal accruals. Profits derived from this new facility will be completely tax free for the first five years from FY 2003-04 and 30 per cent of the profits will be tax-free for the next five years. The strategic and tax efficient project is expected to go on stream by 2003 and will have a significant impact on bottom line and Earnings Per Share (EPS) in the years to come.