JB Chemicals and Pharmaceuticals Ltd on Tuesday reported 82 per cent jump in its profit after tax during the second quarter at Rs 94 crore from Rs 51 crore in Q2 FY19.
While sales grew only 5 per cent to Rs 449 crore from Rs 427 crore, other income increased by 116 per cent to Rs 18 crore from Rs 8 crore.
The increase in other income was mainly on account of higher mark-to-market gain due to an increase in the bond yield during the quarter, the company said in a statement.
Domestic formulations business at sales of Rs 189 crore registered a growth of 16 per cent. Domestic sales of contrast media products at Rs 15 crore were 12 per cent year-on-year.
Formulations exports in global business (other than Russia) at Rs 116 crore declined by 8 per cent mainly due to 19 per cent lower sales in the US market. Sales of the company’s South African subsidiary at Rs 41 crore were flat.
Russia-CIS sales at Rs 35 crore registered a growth of 26.13 per cent. Russian subsidiary’s sales at Rs 16 crore were 2 per cent higher while exports to Ukraine and other CIS markets at Rs 19 crore were 57 per cent higher year-on-year.
Earnings before interest, tax, depreciation and amortisation (EBIDTA) of Rs 100 crore were 22.35 per cent of sales against 17.82 per cent of sales in the corresponding period of previous year. The higher profitability was a result of cost optimisation.
JB Chemicals and Pharmaceuticals manufactures and markets a diverse range of pharmaceutical formulations, herbal remedies and active pharmaceutical ingredients. It has presence in the United States, Europe, Australia, South Africa other developing countries.