Indian drugmaker J B Chemicals posts Q3 profit rise on strong demand
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India's J B Chemicals and Pharmaceuticals reported its sixth straight quarter of profit rise on Tuesday, led by strong demand in its domestic and international markets.
The company's consolidated net profit was 1.34 billion rupees (nearly $16 million) for the quarter ended Dec. 31, compared with 1.06 billion rupees a year earlier.
The Mumbai-based company's sales have benefitted from a series of acquisitions involving companies with portfolios of cardiovascular and ophthalmology drugs. Moreover, sales were boosted by new product launches.
J B Chemicals, known for manufacturing generic drugs and herbal lozenges used to soothe irritated throats, said its revenue from operations rose 6.6% to 8.45 billion rupees.
Revenue growth was fuelled by a 14% increase in its domestic business, its largest market, and a 6% rise in overseas business, including the Russian and South African markets.
The company did not give a region-wise revenue break up.
J B Chemicals' results follow those of larger generic drugmakers such as Cipla, Dr Reddy's and Sun Pharma, all of which beat their third-quarter profit estimates on robust U.S. sales.
($1 = 83.0429 Indian rupees)
