J B Chemicals & Pharmaceuticals today said its profit after tax (PAT) rose by 28.95 per cent to Rs 38.12 crore for the third quarter ended December 31, over the same period previous fiscal.
The company had a PAT of Rs 29.56 crore in the same period corresponding fiscal.
The company's net sales stood at Rs 216.67 crore for the third quarter, compared to Rs 198.07 crore in the same period last fiscal, J B Chemicals said in a filing to the Bombay Stock Exchange (BSE).
The continued efficiency improvement and cost containment across the business helped achieve better profits. The growth achieved by formulations exports in US dollar terms was 5 per cent, while the domestic formulations business continued to achieve good growth during the quarter, the company said.
During the quarter, the company filed international patent application for novel nicotine formulation. It also received US Food and Drug Administration nod for 25 mg and 50mg Diclofenac tablets.
"The investment of Rs 40 crore being made by the company during the year in manpower, new marketing and R&D initiatives and the modernisation of Kadaiya (Daman) and Panoli (Gujarat) facilities will help achieve future growth," it said.
Shares of J B Chemicals & Pharmaceuticals were today trading at Rs 133.15 on BSE in late afternoon trade, down 3.76 per cent from its previous close.