Mumbai, May 27 (PTI) Drug company JB Chemicals and Pharmaceuticals on Friday announced changing its name to 'JB' as well as its plans of entering the diagnostic and wellness segment.

"With JB, we are taking the next leap forward towards becoming more agile, lean and simple. Our offerings and capabilities are becoming more diverse to cater to the evolving needs of our customers, our manufacturing processes are becoming more robust and lean, and our vision of looking at the healthcare industry is becoming more progressive globally.

Also Read | Oppo A57, Oppo A57s Tipped To Launch in India Soon; Specifications Leaked Online.

"We are adapting ourselves to become more responsive to the needs of the healthcare world," JB CEO and Wholetime Director Nikhil Chopra told reporters.

He said the company is looking at entering into the diagnostic and wellness segment. It is also open to acquire brands and assets that are strategic.

Also Read | Infinix Note 12 Turbo Now Available for Sale in India, Check Offers Here.

"We will continue to evaluate assets, brands and companies that are available in the market. But we will not be in any mad rush. We will look at things that are more strategically fit which are EBIDTA synergistic and and does not stress out our balance sheet," Chopra said.

On Thursday, the company reported a 16 per cent decline in consolidated profit after tax at Rs 85 crore for the fourth quarter ended March. In the year-ago period, the same stood at Rs 101 crore.

Revenues in the fourth quarter increased to Rs 625 crore as compared to Rs 528 crore in the year-ago period.

JB had reported a consolidated net profit of Rs 386 crore for the fiscal year ended March 31, 2022, as against Rs 449 crore in 2020-21.

Revenue had increased to Rs 2,424 crore in the last fiscal compared to Rs 2,043 crore in FY21.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)