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HYDERABAD, India, Aug. 1, 2014 /PRNewswire/ -- Neuland Laboratories Ltd., (NSE:NEULANDLAB; BSE-Scrip Code:524558), a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates and contract manufacturing services to customers located in 85 countries, today announced financial results for the first quarter of fiscal year (FY) 2015, ended June 30, 2014.
"Neuland's results in the first quarter were affected by work flow re-prioritization to accommodate certain customer needs, and we do not expect this to impact our overall performance for the new fiscal year," said Dr. D.R. Rao, Chairman and Managing Director of Neuland Labs. "We are now back to our regular schedule and expect to achieve the planned growth in revenues and profits for the year."
Revenues for the first quarter of FY 2015 were $17.10 million (1.03 billion INR*), compared to revenues in the first quarter of FY 2014 of $20.27 million (1.21 billion INR), a decrease of 15%.
Neuland reported EBITDA of $2.38 million (143.4 million INR) in the first quarter of FY 2015, compared to EBITDA of $3.45 million (206.0 million INR) in the comparable period in FY 2014, a decrease of 30%.
After-tax profits in the first quarter of FY 2015 were $0.49 million (30.25 million INR), compared to after-tax profits of $1.31 million (78.11 million INR) in the first quarter of FY 2014, a decrease of 61%.
Sucheth R. Davuluri, Chief Executive Officer of Neuland Labs, noted, "Our Company received SEBI approval for its proposed Rights Offering on July 10, 2014.,The Issue will provide us with additional capital to support the robust growth we are expecting during the remainder of the year."
For a complete set of Neuland's FY 2015 and FY 2014 financial data, visit http://neulandlabs.com/about/financials.html.
* = Indian rupees. All percentages are based on Neuland's INR-denominated results.
About Neuland Labs
For 30 years, Neuland Labs has been at the forefront of manufacturing APIs through its cGMP manufacturing facilities, working with customers in 85 countries. Neuland Labs has developed more than 300 processes and 60 APIs, and it has filed more than 45 U.S. drug master files (DMFs) and a total of more than 400 DMFs in the European Union and other countries. Its manufacturing facilities are inspected and approved by the U.S. FDA and other leading regulatory agencies. Its record of quality manufacturing and reliability is highlighted by cGMP certifications that include the FDA, TGA, EDQM, German Health Authority, ISO 14001, ISO 27001 and OHSAS 18001. For more information, visit www.NeulandLabs.com.
Disclaimer: Neuland Laboratories Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an offer on a rights basis of its equity shares and has filed a draft letter of offer dated March 26, 2014 with the Securities and Exchange Board of India ("SEBI") and with the Stock Exchanges and is available on the website of SEBI at www.sebi.gov.in and the website of the Lead Manager at www.sbicaps.com.
SOURCE Neuland Laboratories Ltd.