Pharmaceutical firm Shasun Chemicals & Drugs today announced a consolidated net loss of Rs 31.53 crore for the first quarter of current fiscal, owing to rising input prices and low sales incurred in its UK subsidiary.
The company had a consolidated net profit of Rs 4.88 crore in the first quarter of 2008 fiscal, Shasun Chemicals said in a filing to the Bombay Stock Exchange.
First quarter sales of its wholly-owned UK subsidiary were lower due to some dispatches, which got shifted to the second quarter due to delay in arrival of raw materials, the filling added.
On a standalone basis, the company posted net loss of Rs 8.54 crore in the first quarter of this fiscal, compared to net profit of Rs 1.66 crore a year-ago.
Loss for the first quarter, from April-June, was mainly due to an exchange loss arising on account of reinstatement of dollar denominated assets and liabilities and a phenomenal increase in input prices, part of which has been passed on to the customers, the company said.
Shasun, however, posted a total revenue of Rs 103.23 crore for the first quarter of the current fiscal, a 6.64 per cent growth from Rs 96.80 crore posted in the first quarter of FY08.
Shares of the company were trading at Rs 36, down 0.28 per cent on the BSE.
