Neuland Laboratories Ltd., a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates and custom manufacturing solutions to customers located in 85 countries, announced financial results for the first quarter of fiscal year (FY) 2015, ended June 30, 2014.

Neulands 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 utive 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.

Source: IIFL

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