J B Chemicals & Pharmaceuticals Limited (JBCPL), a Rs 300-crore plus pharma major, has achieved satisfactory performance during the year ended March 2004 and announced highest ever dividend of 110 per cent. Its gross sales increased by 7.8 per cent to Rs 314.55 crore from Rs 291.77 crore in the previous year. Gross profit before interest, depreciation and tax has moved up to Rs.76.84 crore from Rs.71.06 crore, representing an increase of 8.1 per cent.

Net profit, after providing interest of Rs 2.19 crore (Rs.1.35 crore in the previous year), depreciation of Rs 9.45 crore (Rs 7.33 crore), current year tax of Rs 11.15 crore (Rs 12.17 crore) and deferred tax of Rs 3 crore (Rs 1.70 crore), worked out to Rs 51.04 crore as against Rs 48.54 crore in the previous year, registering an increase of 5 per cent.

The company's domestic sales improved by 48 per cent and its export sales improved by 52 per cent. However, adverse exchange fluctuations put pressure on growth in sales and profits.

The company's export sales, infact, grew in dollar terms at an impressive rate of 19per cent whereas the growth in export sales in rupee-terms was 9 per cent Assuming the sales and net profit at constant exchange rate, the growth in company's sales and profit would be higher by Rs12.42 crore and Rs7.90 crore respectively. Excluding, the said adverse effect of the appreciation of the Rupee v/s Dollar, the company could have achieved a sales growth of 12 per cent and net profit growth of 22 per cent and EPS of Rs 37 per share respectively.

During the year, the company had filed two ANDAs with the US FDA i.e. Ciprofloxacin (Anti- Infective) and Fluconazole (Anti-Fungal). With the expected approval for Ciprofloxacin in (250, 500 & 750 mg.) dosage forms, the company is all set to launch the product in the USA upon expiry of product patent in June 2004.

The company brought forward Rs 10 crore as profit from last year and its profit available for appropriation worked out to Rs 61.04 crore. The dividend pay-out including the Dividend Distribution Tax will claim Rs 19.93 crore (Rs 14.49 crore). It has transferred an amount of Rs 31.11 core (Rs 34.04 crore) to general reserve. Further, it has transferred Rs 10 crore as profit carried forward. The total reserves and surplus reached to Rs.232.90 crore from Rs.201.79 crore in the previous year.

The total dividend includes a special dividend of 10 per cent recommended to commemorate the approval by US FDA of its tablets and API's state-of-the-art manufacturing facilities at Panoli.

The earnings per share on a capital of Rs.16.06 crores, improved slightly to Rs.31.78 (against Rs.30.22 per share in the previous year). The book value of equity share also improved to Rs.155 as from Rs 136 in the previous year.