Shasun Chemicals and Drugs has announced its results for the 1st quarter of FY11. Turnover on a consolidated basis increased to Rs 197.1 crs from Rs 185.6 crores. The EBITDA (excluding forex losses) on a consolidated basis has declined to Rs 15.7 Crores for 1QFY11 from Rs 23.2 Crores during 1QFY10. An improvement was seen in the PBT on a consolidated basis which improved to a loss of Rs 2.3 crores in 1QFY11 as compared to a loss of Rs 7.8 crores in 1QFY10.

On the standalone front, Operating Revenues have grown by 14.9% to Rs.135.3 Crores in 1QFY11 as compared to Rs 117.7 Crores during 1QFY10. EBITDA declined to Rs 9.3 Crores in 1QFY11 from Rs 19.7 Crores in 1QFY10. The decline in EBITDA was mainly due to increase in raw material prices of key API products and also due to increase in power and fuel costs which resulted in a negative PBT of Rs 5.7 crores in 1QFY11.

Shasun’s UK subsidiary reported a stellar performance for 1QFY11 by reporting a net profit of Rs 3.6 crs for 1QFY11 on an enhanced turnover of Rs 62.8 crores. This significant financial turnaround has been the result of consolidation of UK operations at a single site resulting in significant reduction of operating costs and enhanced business acquisition.

After a distinguinshed stint spanning over ten years, Mr. N. Govindarajan, CEO and MD would be leaving Shasun to pursue opportunities elsewhere. Mr. S. Vimal Kumar, a whole time director would be taking over as Managing Director, effective 30th July 2010.