Jubilant Pharmova Ltd reported a huge increase in its net profit for the first quarter, reaching Rs 481.8 crore. This is a big jump from Rs 6 crore reported last year. The profit boost came from selling its investment in SOFIE Biosciences Inc. The company’s total revenue from operations grew to Rs 1,731.7 crore, up from Rs 1,586.9 crore a year ago.
In the first quarter, Jubilant Pharmova had several exceptional items: aRs 669.2 crore gain from the sale of SOFIE shares, Rs 91.6 crore in costs from closing a manufacturing plant in the US, Rs 95.3 crore for slow-moving inventory, and Rs 50 crore in litigation expenses.
The company’s radiopharmaceuticals revenue rose by 28% to Rs 262 crore. Allergy immunotherapy revenue grew by 11% to Rs 168 crore. Revenue from sterile injectables in the CDMO segment increased by 27% to Rs 324 crore, while the CRDMO segment reported revenue of Rs 243 crore.
Jubilant Pharmova Ltd is a prominent pharmaceutical and healthcare company known for its diverse portfolio, including radiopharmaceuticals, allergy immunotherapy, and contract development and manufacturing services. The company has experienced significant growth recently, highlighted by a major increase in net profit due to a substantial gain from the sale of its investment in SOFIE Biosciences Inc.
Jubilant Pharmova also reported higher revenues across its business segments, including radiopharmaceuticals and sterile injectables. Despite some challenges, such as closing a manufacturing facility and facing litigation costs, the company continues to expand its market presence and enhance its operational capabilities.
