Jubilant Pharmova posts Q1 consolidated net profit of Rs 160 crore

Drug firm Jubilant Pharmova on Friday reported a consolidated net profit of Rs 160.49 crore from continuing operations for the quarter ended June 30, 2021.

The company had posted a net profit of Rs 35.39 crore for the year-ago period, Jubilant Pharmova said in a regulatory filing.

Revenue from continuing operations stood at Rs 1,634.65 crore in the quarter under review. It was Rs 1,156.07 crore in the same period a year ago, it added.

Figures for the quarter are not comparable with previous periods since the Life Science Ingredients business was demerged with effect from February 1, 2021 pursuant to the composite scheme of arrangement during the previous year, the filing said.

"During this quarter, in addition to YoY increase, we also reported sequential improvement in the specialty pharma segment with gradual recovery across radiopharmaceuticals, radiopharmacy and allergy business," Jubilant Pharmova Chairman Shyam S Bhartia and Co-Chairman & MD Hari S Bhartia said in a statement.

With a gradual recovery in nuclear medicine procedures, the turnaround plan of radiopharmacy business is on track. CMO business continued to benefit from COVID related deals, they added.

"Contract Research and Development Services business witnessed strong YoY (year-on-year) growth in revenues led by healthy demand from customers. We have doubled our chemistry research capacity and the facility is operational now," the statement added.

Jubilant Pharmova board at its meeting held on July 23, 2021, approved the demerger of the active pharmaceutical ingredients (API) undertaking of Jubilant Generics and vesting of the same with Jubilant Pharmova on a going concern basis, the filing said.

Shares of Jubilant Pharmova settled at Rs 696.90 apiece on BSE, down 2.59 per cent from the previous close.