The firm reported net profit of Rs 4 bn ($101m) for the year ended March 31, up around 76 per cent on the previous 12 months. Revenue for the period increased 38 per cent to Rs 25bn. Turnover from Jubilant's operations in the USA grew 150 per cent, largely as a result of its $122.5m purchase of Washington-based contract manufacturing group Hollister-Stier Laboratories last April. The acquisition was part of the firm's ongoing expansion into Europe and North America which has, more recently, seen it table a $255m bid for Canadian contract manufacturing organization Draxis Health. Although Jubilant's 2008 turnover was positive, exchange rate effects and money lost on foreign currency convertible bonds (FCCB) led to a 9 per cent drop in its net profit in the fourth quarter. However, in an interview with India's CNBC-TV18, Jubilant's managing director Shyam Bartia said that the company employed a prudent risk management policy and that the "losses are only on restatement of foreign exchange loans." He added that for the year as a whole, exchange rate effects had actually provided an Rs 100 crore gain. Mumbai-based industry analysts EmKay Research maintained their buy rating for Jubilant, issuing a revised share price target of Rs 469. Emkay went on to say that Jubilant's planned acquisition of Draxis is "highly synergistic," and would further facilitate the Uttar Pradesh-headquartered company's entry into Europe and USAmarkets, particularly in the lucrative radiopharmaceuticals sector through Draxis' Draximage unit Pharmaceutical sector to drive future revenue Bartia also predicted that the pharmaceuticals sector will generate around 85 per cent of Jubilant's business in the next two years. Speaking with Reuters the day after the firm released its 2008 results Bartia said that the pharmaceutical sector, including its contract research and manufacturing services operations, accounted for around 60 per cent of its sales for the year ended March 31. He also said that the company is on track to achieve a 30 per cent revenue expansion in the current financial year and confirmed that, to date, Jubilant's CRAMS division has secured contracts worth around $92m. Further evidence of Jubilant's expansion as a provider of services for the pharmaceuticals industry is provided by recent developments at its Clinsys Clinical Research subsidiary in New Jersey. Earlier this month, Clinsys launched its Clinsys Alterna unit. Clinsys Alterna is designed to provide drug firms wishing to outsource R&D with a complete suite of services, including: management support; medical and clinical management capabilities; investor and patient recruitment; QA testing and medical writing services. Jubilant was unavailable for further comment at the time of going to press.