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Neuland Labs Reports Second Quarter Fiscal Year 2013 Financial Results
Date:11/9/2012

HYDERABAD, India, Nov. 9, 2012 /PRNewswire/ -- Neuland Laboratories Ltd., (NSE: NEULANDLAB; BOM: 524558) a pharmaceutical manufacturer providing active pharmaceutical ingredients (APIs), complex intermediates and contract research and manufacturing services to customers located in 85 countries, today announced financial results for the second quarter of fiscal year (FY) 2013, ended September 30, 2012.

Revenues for the second quarter of FY 2013 were $21.37 million (1.18 billion INR*), compared to revenues in the second quarter of FY 2012 of $22.32 million (1.23 billion INR), a decrease of 4.3%. Neuland reported EBITDA of $2.16 million (119.45 million INR) in the second quarter of FY 2013, compared to EBITDA of $2.02 million (111.84 million INR) in the comparable period in FY 2012, an increase of 6.8%. 

The company reported after-tax profits in the second quarter of FY 2013 of $0.56 million (30.85 million INR), compared to a loss of $0.23 million, (negative12.58 million INR), in the second quarter of FY 2012.  

"In the second quarter of FY 2013 we continued to deliver on our goal of achieving consistently profitable operations," said Dr. D.R. Rao, Chairman and Managing Director of Neuland Labs.  "This is our fourth consecutive quarter of profitability, and the eighth consecutive quarter that we have reported revenues greater than one billion Indian rupees."

"We believe that our investments in marketing and business development are building the foundation for both near and long-term revenue growth," noted Sucheth R. Davuluri, Chief Executive Officer of Neuland Labs.  "Our revenue growth for the first half of fiscal year 2013 is up compared to the first six months of last year, and our enhanced efforts to manage costs resulted in an increase in profits despite the mode
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SOURCE Neuland Laboratories Ltd.
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