Mumbai: Jubilant Organosys Limited, India's largest speciality chemicals company with a leading position in its defined chemical categories in global markets, on July 17 reported an earnings growth-led financial performance for first quarter FY 2003.

The net sales increased by 12% to Rs 1,625 million from Rs 1,449 million. In line with its strategy the revenues from speciality chemicals business advanced by 29% to cross Rs 1,002 million and contributed 62% of the net revenues compared with 54% in the corresponding quarter of 2001. The exports increased by a substantial 72% to Rs 383 million from Rs 222 million in the comparable quarter of 2001.

The Board of Directors at their meeting on July 17 also recommended a stock split of two equity shares for every one existing equity share. Post the stock split the face-value of each equity share will be Rs 5.00 compared with Rs 10.00 at present.

Commenting on the company's performance , Shyam S Bhartia, Chairman and Managing Director, Jubilant Organosys Limited, said, "Strong profit growth is a clear indication that our strategy is delivering results. The performance demonstrates our planned focus on improving the contribution from our speciality and fine chemicals products and from our export operations. We have established an excellent platform to support our business enhancement initiatives and we have created sustainable competencies across all areas of operation. This, we believe, will allow us to achieve continuous corporate progress in the future."