J B Chemicals and Pharmaceuticals, a Rs.1,000 crore plus pharma major, has posted net profit growth of 53.6 per cent during the second quarter ended September 2015 to Rs.48.99 crore from Rs.31.89 crore in the similar quarter of last year due to significant higher other income of Rs.26.52 crore as against Rs.5.21 crore in the last period. Its net sales increased only by 2.1 per cent to Rs.280.71 crore from Rs.274.86 crore on account of lower exports. With strong growth in profits, EPS moved up to Rs.5.78 from Rs.3.76 in the last period.

The sales of domestic formulations increased by 11.1 per cent to Rs.108.18 crore. The focus on cardiovascular products and topical preparations to drive the growth for the division during the year has met with good success. The contrast media products sales in domestic market improved by 22.4 per cent to Rs.10.87 crore. Its formulation exports improved by 3.1 per cent to Rs.133.03 crore. Though its sales in Russia increased by 35.1 per cent to Rs.16.78 crore, its sales in ROW declined to Rs.88.63 crore due to lower demand and uncertainty in many markets largely due to depreciation of local currency against US Dollar. Its API sales also declined to Rs.22.21 crore. The product development income and other sales income during the quarter amounted to Rs.6.42 crore.

JB Chemical is acquiring 51 per cent stake in biotech Laboratories (Pty) Ltd, South Africa from Africa Biopharma Investments (Pty) Ltd, through its subsidiary. Its subsidiary, J B Healthcare Pvt Ltd presently holds 49 per cent ordinary shares in biotech, besides 1,75,591 non-redeemable convertible preference shares. After conversion of preference shares and certain fresh issuance, the shareholding of the JB's subsidiaries in the Biotech will increase to over 95 per cent.

For the first half ended September 2015, J B Chemicals' net profit increased by 30.8 per cent to Rs.83.27 crore from Rs.63.68 crore in the corresponding period of last year. Its net sales increased by 5.3 per cent to Rs.559.86 crore from Rs.531.57 crore. EPS worked out to Rs.9.82 as against Rs.7.51 in the last period. It incurred a foreign exchange loss of Rs.2.86 crore as compared to Rs.4.36 crore in the similar period of last period.