Latest News | Jubilant Pharmova Q4 Net Profit Jumps over Two-fold to Rs 61 Crore

New Delhi, May 29 (PTI) Drug firm Jubilant Pharmova on Wednesday reported an over two-fold increase in consolidated profit after tax at Rs 61 crore for the fourth quarter ended March 2024.

The company had reported a normalised profit after tax (PAT), after adjusting for exceptional item and impairment charges, of Rs 27 crore for the January-March quarter of 2022-23 fiscal.

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Total income from operations stood at Rs 1,773 crore in the fourth quarter as against Rs 1,683 crore in the year-ago period, Jubilant Pharmova said in a regulatory filing.

For the year ended on March 31, 2024, the drug firm reported a net profit of Rs 195 crore as compared with Rs 120 crore in FY23.

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Total income rose to Rs 6,772 crore over Rs 6,320 crore in 2022-23 fiscal.

The company said its board has recommended a dividend of Rs 5 per equity share.

Jubilant Pharmova Chairman Shyam S Bhartia said that in the generics business, the company is growing profitably in the non US international markets.

"We are also investing to develop 3 to 4 therapeutic areas in the Indian branded generics market. For the US market, our strategy is to focus on profitable products," he stated.

"Following the status change of the Roorkee facility by USFDA to VAI, the company expects the exports from the Roorkee facility to the US market to increase in a meaningful and gradual manner," Bhartia noted.

In the CDMO (Contract Development & Manufacturing Organization) API (active pharmaceutical ingredient) business, the company is focused on driving higher capacity utilisation by fortifying sales with existing customers, he said.

Shares of the company settled 0.26 per cent higher at Rs 705.70 apiece on the BSE.

(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)