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Jubilant Life Sciences has posted a net profit of ₹4.78 crore during the first quarter of the current fiscal.
The pharma and life sciences company had posted a loss of ₹52.62 crore during the same quarter last fiscal.
In a joint statement, Chairman and Managing Director Shyam S. Bhartia and Co-Chairman and Managing Director Hari S Bhartia, said, “Performance of the quarter was affected due to extended plant shutdown in CMO (contract manufacturing organisation) business to address the US FDA issues. These operations have now normalised and, along with new product introductions and strategic initiatives, should deliver strong performance in our pharmaceutical operations.”
In the coming quarters, the company expects strong growth momentum led by the pharmaceuticals segment.
The firm expects this growth to be driven by new products and new markets, expanding volumes in CMO operations and revenue increase in radiopharmaceuticals.
Financed by a $147.5-million loan from the IFC, the company has consolidated all the pharmaceutical business under Jubilant Pharma, Singapore, with effect from July 1.
“Life science ingredients should continue its robust performance on account of higher capacity utilisation, better pricing of our key products and expansion into new markets,” the company said in a statement.
The company saw a net income of ₹1,473.13 crore during the first quarter ended June 30 against ₹1,359.27 crore during the corresponding period of the previous fiscal.
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