Jubilant Life Sciences Posts Net Profit of Rs 5 Crore in Q1

New Delhi: Jubilant Life Sciences on Tuesday posted a consolidated net profit of Rs 4.78 crore for the first quarter that ended in June 2014.

The company had registered a net loss of Rs 52.62 crore for the corresponding period a year ago.

Net sales of the company, however, rose to Rs 1,460.53 crore during the period, as compared to Rs 1,318.04 crore in the same period of previous fiscal year, it said in a filing to the BSE.

Jubilant's performance during the quarter was affected due to extended plant shut-down in its CMO business to address US Food and Drug Administration issues, chairman and managing director Shyam S Bhartia said.

"These operations have now normalised and, along with new product introductions and strategic initiatives, should deliver strong performance in our pharmaceutical operations," he added.

The company said it has completed the consolidation of its entire pharmaceutical business under Jubilant Pharma, Singapore with effect from July 1, 2014.

"This has been financed by a $147.5 million funding from IFC, which includes $87.5 million long-term loan, $60 million of zero coupon optionally convertible loan and a further loan of $52.5 million to be syndicated by IFC," it added.

Shares in Jubilant Life Sciences, on Tuesday, ended at Rs 196.15 apiece on the BSE, up 1.06 per cent from the previous close.