Jubilant Pharmova's net profit jumped to Rs 481.8 crore in Q1 FY24, driven by gains from the sale of its investment in SOFIE Biosciences. Revenue also grew year-on-year.
New Delhi, Jul 19 (PTI) Jubilant Pharmova Ltd on Friday reported a multi-fold jump in consolidated net profit to Rs 481.8 crore boosted by gain on sale on investment in associate firm SOFIE Biosciences Inc USA.
The company had posted a consolidated net profit of Rs 6 crore a year earlier, Jubilant Pharmova said in a regulatory filing.
Consolidated total revenue from operations stood at Rs 1,731.7 crore as against Rs 1,586.9 crore in the year-ago period, it added.
The exceptional items in the first quarter of the current fiscal include net income of Rs 669.2 crore following sale of investment in SOFIE, expenses of Rs 91.6 crore accrued due to closure of manufacturing operations of solid dosage formulation facility at Salisbury, Maryland, USA; Rs 95.3 crore provision for slow moving inventory in respect of solid dosage formulation business and litigation cost of Rs 50 crore among others.
During the quarter, Jubilant Pharmova said its radiopharmaceuticals segment revenue grew 28 per cent year-on-year to Rs 262 crore; while that of allergy immunotherapy grew 11 per cent to Rs 168 crore.
CDMO (contract development and manufacturing organisations) sterile injectables revenue grew 27 per cent to Rs 324 crore and that of CRDMO (contract research & development organisation) segment revenue was at Rs 243 crore.
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