PRESS RELEASE
For Immediate Release
New Delhi 30th January 2003

Jubilant Organosys Net Profit up 191% to Rs.13 crore in Q3
Net revenues up 36% to Rs.194 crore

Jubilant Organosys Limited, India's largest speciality chemicals company, reported 191% increase in net profit to Rs. 13.1 crore for the third quarter ended 31st December 2002, against Rs. 4.5 crore in the corresponding quarter last year. The net sales recorded a growth of 36% to Rs.194.1 crore as compared to Rs.142.6 crore in the same quarter last year. Exports revenue grew to Rs.51.3 crore recorded a growth of 79% over the previous year exports of Rs.28.6 crore. The share of Speciality chemicals in net sales continued to increase with 69% share in this quarter as compared to 57%. Interest cost reduced by 15% to Rs.9.4 crore for the quarter against Rs.11.1 crore of the previous period.

For the nine months period ended 31st December 2002, the company recorded a growth of 161% in net profit to touch Rs.38.1 crore as compared to Rs. 14.6 crore in the previous period. The net sales touched Rs.527.6 crore recording a growth of 20% over the net sales of Rs. 440.4 crore recorded in similar period last year. Exports revenue for the nine month period increased 82% to Rs.136.3 crore from Rs.75 crore. The revenue contribution of Speciality chemical business of the company is higher at 65% of net sales as compared to 55% over previous period. Interest cost reduced by 6% to Rs. 30.7 crore for the nine-month period as compared to Rs. 32.7 crore of the previous period.

During the last quarter the financials of Active Pharmaceutical Ingredients (API) business acquired from Max India were integrated for the period of 4 months (September - December 2002).

According to Mr. Shyam S Bhartia, Chairman, Jubilant Organosys Limited, "Our performance echoes the dynamic implementation of our strategy. While our business continues to gain strength, our exports and speciality chemicals performance has delivered exceptional results. With the financial integration of the API operations, our business model gains another dimension where the revenue contribution from the pharmaceuticals sector has shown substantial increase.

More importantly, these results demonstrate continued progress towards our long-term objective of being a high value added knowledge led player, which is the key enabler to us to partner with our customers and create greater value for our shareholders.

The efforts of the company to reduce the interest rate by substituting high cost rupee borrowing with low cost foreign currency borrowings since exports provide a natural hedge and restructuring of the existing loans has resulted in lower interest cost as compared to the previous period. "


About Jubilant Organosys Limited
Jubilant Organosys is the largest manufacturer of speciality chemicals in India and a leading manufacturer of organic intermediates, advance intermediates, select Active Pharmaceutical Ingredients, nutrition products and a range of speciality chemicals for diverse industry like pharmaceuticals, agrochemicals, textile, construction, food & beverages and paper & packaging. Jubilant Organosys has four modern manufacturing facilities at Gajraula (near New Delhi), Nira (near Pune, Maharastra), Samalaya (near Varodara, Gujarat), and Nanjangud (near Mysore, Karnataka). The company is the largest exporter of speciality chemicals from India.

Attached: Detailed information and Results table

For further information please contact:
Abhinav Rahul
Jubilant Organosys Limited
2516601-11 ext. 1313
Fax : 0120 2516627
E-mail : abhinav_rahul@jubilantorganosys.com

Nitin Tandon
Citigate Dewe Rogerson
Ph: 022 2284 2728
Fax: 022 2284 4561
E-mail: nitin@cdr-india.com

Detailed information
New Delhi: Thursday, 30 January 2003
Jubilant Organosys' Q3 FY 2003 Net Revenues up 36% to Rs194crore, Net Profits higher by 191% to Rs13 crore

Q3 FY 2003 exports growth 79% to Rs 51 crore
Q3 FY2003 speciality chemicals growth 65% to Rs 135 crore and contribution of speciality chemicals business at 69% to net sales


Jubilant Organosys Limited, India's largest speciality chemicals company with a leading position in its defined chemical categories in global markets, today reported a continued growth-led performance for Q3 FY 2003 (October - December 2002) and year-to-date 9 months FY 2003 (April - December 2002).

3 FY 2003 (Oct - Dec 2002) v/s Q3 FY 2002 (Oct - Dec 2001) review:

* Net sales increase by 36% to Rs 194.1crore from Rs 142.6 crore
- Revenues from speciality chemicals grew by 65 % to Rs. 134.5 crore. Revenue contribution from the speciality chemicals business is higher at 69 % compared with 57 % in corresponding period of the previous year
- Revenues from Exports increase 79% to Rs. 51.3 crore from Rs. 28.6 crore. Exports contributed to 26 % of revenues compared with 20 %
- The revenues include the 4 months (September - December 2002) performance of acquired API business of Rs.25.5 crore since as per Business Transfer Agreement signed with Max on 20.11.02, the economic benefits accrue to the company w.e.f. 1st September 2002.
* PBIDT recorded growth of 52 % to Rs. 35.1 crore from Rs. 23.1 crore
* Interest cost was limited to Rs 9.4 crore as compared with Rs 11.1 crore, a decline of 15% over the corresponding quarter last year due to restructuring of loans, leading to lower cost of funds.
* PBT is higher by 278 % to Rs. 17.4 crore compared to Rs. 4.6 crore
* PAT rises 191 % to Rs. 13.1 crore compared to Rs. 4.5 crore
* EPS for the share of face value of Rs. 5/- for the quarter is at Rs. 8.44 compared to Rs. 3.56 recording a growth of 137%

9 months FY 2003 (April - Dec 2002) v/s 9M FY 2002 (April - Dec 2001) review:
* Net sales rise by 20% to Rs 527.6 crore from Rs 440.4 crore
* Revenues from speciality chemicals increased 42 % to Rs. 342.9 crore. Revenue contribution from the speciality chemicals business is higher at 65 % of net sales compared with 55 % over the corresponding period last year
* Revenues from Exports increase 82% to Rs. 136.3 crore from Rs. 75.0 crore. Exports contributed to 26 % of revenues compared with 17 %
* PBIDT increases by 44 % to Rs. 99.2 crore from Rs. 68.9 crore
* Interest cost was limited at Rs 30.7 crore as compared with Rs 32.7 crore, a decline of 6% over the earlier period due to restructuring of loans leading to lower cost of funds.
* PBT is higher by 223 % to Rs. 47.8 crore compared to Rs. 14.8 crore
* PAT rises 161% to Rs. 38.1 crore compared to Rs. 14.6 crore
* EPS for the share of face value of Rs. 5/- for the nine-month period is at Rs. 24.54 compared to Rs. 11.64 recording a growth of 111%

Commenting on the company's performance for Q3 FY 2003 and nine months (April-December FY 2003), Mr Shyam S Bhartia, Chairman and Managing Director, Jubilant Organosys Limited, said:

"Our performance echoes the dynamic implementation of our strategy. While our business continues to gain strength, our exports and speciality chemicals performance has delivered exceptional results. With the financial integration of the Max Pharma API operations, our business model gains another dimension where the revenue contribution from the pharmaceuticals sector has shown substantial increase. More importantly, to me, these results demonstrate continued progress towards our long-term objective of being a high-value added knowledge-led player, which is the key enabler for us to partner with our customers and create greater value for our shareholders.
The efforts of the company to reduce the interest rate by substituting high cost rupee borrowing with low cost foreign currency borrowings since exports provide a natural hedge and restructuring of the existing loans has resulted in lower interest cost as compared to the previous period. "

Performance outlook: Keeping in view the company's progressive performance for the year 9 months period ended 31st December 2002, Jubilant Organosys reiterates its earlier stated outlook for FY2003 of net profit growth of 100% compared to FY 2002.

About Jubilant Organosys Limited
Jubilant Organosys is the largest manufacturer of speciality chemicals in India and a leading manufacturer organic intermediates, advance intermediates, select APIs, nutrition products and a range of speciality chemicals for diverse industry like pharmaceuticals, agrochemicals, textile, construction, food & beverages and paper & packaging. Jubilant Organosys has four modern manufacturing facilities at Gajraula (near New Delhi), Nira (near Pune, Maharastra), Samalaya (near Varodara, Gujarat), and Nanjangud (near Mysore, Karnataka). The company is the largest exporter of speciality chemicals from India.

Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product launch are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. Jubilant Organosys may, from time to time, make additional written and oral forward looking statements, including statements contained in the company's filings with the regulatory bodies and our reports to shareholders. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.