Shasun Chemicals & Drugs Ltd., a leading Indian CRAMS and API exporting pharmaceutical company, posted a 6.64 per cent growth in revenue at Rs 103.23 crore for the quarter ending June 30, 2008 as compared to Rs 96.80 crore in Q1FY08. The net loss stood at Rs. 8.54 crore compared to net profit of Rs. 1.66 crore in Q1FY08. The loss for the current quarter loss was mainly due to exchange loss arising on account of reinstatement of dollar denominated assets and liabilities and phenomenal increase in input prices, part of which has been passed on to the customers.
Consolidated net loss stood at Rs.31.53 crore for Q1FY09 as compared to net profit of Rs 4.88 crore in Q1FY08. The Q1 sales of wholly owned UK subsidiary were lower due to some dispatches which got shifted to Q2 due to delayed arrival of raw materials.
Dr.S.Devendra, Whole Time Director from the promoter’s family has stated that promoters family have tremendous faith in the future of the company in light of fresh initiatives in finished dosage, Biotech and CRAMS businesses in addition to cost optimization initiatives in UK. The promoter family are increasing their shareholding in the company.