Neuland Laboratories has posted its financial results for the first quarter of fiscal year (FY) 2015, ended June 30, 2014. Revenues for the first quarter of FY 2015 were $17.10 million (Rs 1.03 billion),compared to revenues in the first quarter of FY 2014 of $20.27 million (Rs 1.21 billion), a decrease of 15 per cent.
Neuland reported EBITDA of $2.38 million (Rs 143.4 million INR) in the first quarter of FY 2015, compared to EBITDA of $3.45 million (Rs 206.0 million INR)in the comparable period in FY 2014, a decrease of 30 per cent. After-tax profits in the first quarter of FY 2015 were $0.49 million (Rs 30.25 million), compared to after-tax profits of $1.31 million (Rs 78.11 million) in the first quarter of FY 2014, a decrease of 61 per cent.
“Neuland’s results in the first quarter were affected by work flow re-prioritisation to accommodate certain customer needs, and we do not expect this to impact our overall performance for the new fiscal year,” said Dr DR Rao, Chairman and Managing Director, Neuland Labs. “We are now back to our regular schedule and expect to achieve the planned growth in revenues and profits for the year.”
Sucheth R Davuluri, Chief Executive Officer, Neuland Labs, said,“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.”
EP News Bureau– Mumbai
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