Jubilant Organosys slumps nearly 6% as net profit plunges
Jubilant Organosys fell as much as 5.7 per cent after the chemicals and drugs maker posted a 91 per cent fall in consolidated net profit from a year earlier due to foreign exchange related losses.
By ET Online |
MUMBAI: Jubilant Organosys fell as much as 5.7 per cent after the chemicals and drugs maker posted a 91 per cent fall in consolidated net profit from a year earlier due to foreign exchange related losses.
For the quarter ended June, Jubilant posted a net profit of Rs 12.76 crore, including an unrealised forex-related loss of Rs 108 crore. In the year-ago quarter, Jubilant's Rs 143 crore net profit included Rs 87.9 crore in unrealised forex-related gains, the company said in a statement. Excluding the forex loss Jubilant's net profit more than doubled to Rs 120 crore in the quarter, the company said.
Jubilant also forecast a more-than-50-percent revenue growth for the year to March 2009, citing expanded capacities, larger product profile and expanding global presence.
"The earnings performance is expected to be correspondingly robust, which should deliver better margins and a noticeable growth in net earnings," the company said in a statement.
The profit outlook, however, excluded the impact of potential unrealised forex-related gains or losses, Jubilant added.
At 10:30 am, shares of Jubilant Organosys recovered from the low of Rs 285 but were still trading down 2.23 per cent at Rs 295.50.
For the quarter ended June, Jubilant posted a net profit of Rs 12.76 crore, including an unrealised forex-related loss of Rs 108 crore. In the year-ago quarter, Jubilant's Rs 143 crore net profit included Rs 87.9 crore in unrealised forex-related gains, the company said in a statement. Excluding the forex loss Jubilant's net profit more than doubled to Rs 120 crore in the quarter, the company said.
Jubilant also forecast a more-than-50-percent revenue growth for the year to March 2009, citing expanded capacities, larger product profile and expanding global presence.
"The earnings performance is expected to be correspondingly robust, which should deliver better margins and a noticeable growth in net earnings," the company said in a statement.
The profit outlook, however, excluded the impact of potential unrealised forex-related gains or losses, Jubilant added.
At 10:30 am, shares of Jubilant Organosys recovered from the low of Rs 285 but were still trading down 2.23 per cent at Rs 295.50.
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