Jubilant Life Sciences has dismissed claims it is looking to sell off its fine chemicals business.
The company filed a statement with the Bombay Stock Exchange denying claims it was looking to cut its debt – currently at INR 3,589crore ($575m) and focus on its core pharma business in the US market, as reported this morning in India newspaper The Economic Times.
Jubilant told the exchange “the news is incorrect, speculative and baseless,” adding: “The management does not comment on any such speculative and baseless statements.”
Jubilant’s life science ingredients sector accounts for 53% of its business, according to the firm’s Q3 results, also released today, and includes the manufacture of a number of intermediates used in the pharma industry, including components found in anti-ulcer, anti-tuberculosis, anti-AIDS, anti-infective and anti-arthritic drugs.
Third quarter revenue for the segment was INR 767crore ($123m), up 20% on the same period last year. EBITDA too was up on Q3 2013 at INR 118crore, though down 6% on the last quarter. For the pharma division, revenue was stable at INR 675crore whilst EBITDA dropped 21% on last year to INR 149crore.