Jubilant Life Sciences March quarter loss mounts at Rs 100 crore; stock price crashes

Jubilant Life Sciences Friday reported a net loss of Rs 100.65 crore in the fourth quarter ended March 31, 2019, on account of a one-time loan settlement with International Finance Corporation (IFC). The company had posted a consolidated net profit of Rs 152.40 crore in the year-ago period, Jubilant Life Sciences said in a regulatory filing.

Jubilant Life Sciences said its bottom line in the quarter was hit by a one-time loan settlement with IFC, that resulted in an exceptional item of Rs 234.76 crore for the quarter ended March 31. Its consolidated total income during the fourth quarter ended March 31, 2019, stood at Rs 2,379 crore as compared to Rs 2,274.87 crore last year.

Jubilant Life Sciences total expenses were higher at Rs 2,184.22 crore as compared to 2,048.31 crores in the year-ago quarter. "The company witnessed healthy performance during the quarter, which was offset by certain one-time charges," Jubilant Life Sciences Chairman Shyam S Bhartia and Co-Chairman & Managing Director Hari S Bhartia said adding that the company remains focused on generating operating cash and investing it to support the company's growth and reduce debt.

For the financial year 2018-19 ended March 31, the company had a net profit of Rs 577.01 crore as compared to Rs 634.42 crore in the previous fiscal. Total income for the year stood at Rs 9,146.56 crore as against Rs 7,597.84 crore in the previous fiscal.

Going forward, Jubilant Life Science expects stable performance in FY20. "The pharma segment is expected to continue to deliver steady revenues with range bound margins across businesses," it said.

(With inputs from agencies.)