Neuland Laboratories announced the financial results for the second quarter of fiscal year (FY) 2015, ended September 30, 2014.
Revenues for the second quarter of FY 2015 were $20.05 million, compared to revenues in the second quarter of FY 2014 of $16.71 million, an increase of 18 per cent.
Neuland reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $2.87 million in the second quarter of FY 2015, compared to EBITDA of $2.33 million in the comparable period in FY 2014, an increase of 21 per cent.
After-tax profits in the second quarter of FY 2015 were $0.83 million, compared to after-tax profits of $0.54 million in the second quarter of FY 2014, an increase of 50 per cent.
“We are pleased to report that our rights issue has been oversubscribed by 1.42 times,” said Dr DR Rao, Chairman and Managing Director, Neuland Labs. “We appreciate this expression of trust from investors and will strive to continue to implement the values that have contributed to our success for more than 30 years.”
Sucheth R Davuluri, Chief Executive Officer, Neuland Labs, noted,“We are pleased that Neuland resumed its growth trajectory in the second quarter, with good increases in sales and after-tax profits up by almost 50 per cent year-over-year, despite a two per cent increase in raw material costs as a result of changes in the product mix. We anticipate staying on track for good growth over the remainder of this fiscal year.”
EP News Bureau- Mumbai