Jubilant Pharmova Sees Multi-Fold Profit Surge

Jubilant Pharmova Ltd reported a significant increase in consolidated net profit to Rs 481.8 crore, driven by the sale of investment in SOFIE Biosciences Inc. The company's revenue from operations also rose to Rs 1,731.7 crore, with notable growth in various segments including radiopharmaceuticals and CDMO sterile injectables.

Jubilant Pharmova Ltd on Friday reported a remarkable rise in consolidated net profit to Rs 481.8 crore, largely attributed to the gain on the sale of its investment in associate firm SOFIE Biosciences Inc, USA. This is a massive leap from the Rs 6 crore net profit recorded a year earlier, the company divulged in a regulatory filing.

The consolidated total revenue from operations increased to Rs 1,731.7 crore compared to Rs 1,586.9 crore during the same period last year. The earnings were impacted by several exceptional items, including a net income of Rs 669.2 crore from the sale of investment in SOFIE, and expenses amounting to Rs 91.6 crore due to the closure of the solid dosage formulation facility in Salisbury, Maryland, USA. Additional expenses included a Rs 95.3 crore provision for slow-moving inventory and Rs 50 crore in litigation costs.

Notably, the radiopharmaceuticals segment showed a 28 percent year-on-year growth to Rs 262 crore, whereas the allergy immunotherapy segment grew 11 percent to Rs 168 crore. Revenue from CDMO sterile injectables surged 27 percent to Rs 324 crore, and the CRDMO segment revenue stood at Rs 243 crore for the quarter.

(With inputs from agencies.)