Revenues for 1st quarter ended June 30, 2008 rose by 53.1% to Rs. 826.6 crore over Q1 FY 2008. The international revenue was also higher by 74% at Rs. 484.6 crore on account of volume growth in the outsourcing related segments comprising CRAMS and DDDS. Revenue from North America and EU contributed 46.9% and 16.0% with a growth of 127% and 6% respectively. Consolidated EBITDA in Q1 grew by 62.0% and stood at Rs. 173.2 crore.

Net Profit before exceptional items at Rs. 120.4 crore, a growth of 118.9% and diluted EPS for the period was thus at Rs. 6.73 against Rs. 3.09 in Q1 FY2008. However, after accounting for the exceptional items, the net profit for the quarter was at Rs. 12.8 crore and the EPS for Q1 FY2009 was Rs. 0.71 (diluted).

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman & Managing Director and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Organosys Ltd, said: “We are extremely pleased with our operating performance in first quarter. Growth was across segments of business –as we benefited from strong demand for outsourcing in CRAMS and DDDS. Also, our Industrial and Performance Products business delivered much enhanced numbers on the back of very good demand for our products resulting in increased volumes. We have delivered consistently on a year-on-year basis on the Pharma and Life Sciences outsourcing platform by creating a stable and consistent model for growth. Our outlook for the future is extremely positive and is guided by the strong demand of our products and services offerings.”

Outlook for FY2009

Jubilant continues to see strong operating dynamics across its businesses driven by strengths that are inherent to the Company’s operating model. Given expanded capacities, larger product profile and constantly expanding global market footprint the Company expects to post more than 50 % increase in revenues for FY2009.

The earnings performance is expected to be correspondingly robust, which should deliver better margins and a noticeable growth in net earnings. The earnings outlook does not consider any potential effect of exceptional items that may arise in the future which will primarily relate to unrealised foreign exchange gains/losses of on account of restatement of outstanding FCCBs and foreign currency loans.

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