Pharma firm Jubilant Pharmova Ltd on Friday (October 27) reported a 1,057% year-on-year (YoY) jump in consolidated net profit at ₹62.1 crore for the second quarter that ended September 30, 2023. In the corresponding quarter last year, Jubilant Pharmova posted a net profit of ₹5 crore, the company said in a regulatory filing.
In the quarter, consolidated total revenue stood at ₹168 crore, up 5% from ₹160 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA stood at ₹108 crore in the second quarter of this fiscal over ₹23.9 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 64.3% in the reporting quarter as compared to 15% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
In the CDMO Sterile Injectables segment, the company said the focus is on-time and at-cost execution of $370 million capacity expansion in Spokane and Montreal, to double the contract manufacturing organization (CMO) capacity over the next 5+ years in a phased manner.
Also, the company reported an agreement with the US government for $149.6 million and a concessional loan from the Canadian government for $48 million. The CMO Montreal facility received an Official Action Indicated (OAI) from the US FDA in May 2023. Engaging with the US FDA to address its observations and resolve the OAI status at the facility, it said.
In the generics segment, the company reported a focus on the implementation of Rs 150 crore in cost-optimisation opportunities. Benefits have started getting reflected in performance from Q1 FY24 onwards, Jubilant Pharmova added.
Shares of Jubilant Pharmova Ltd ended at ₹396.15, up by ₹56.20, or 16.53%, on the BSE.
Also Read: Indian Bank Q2 Results | Net profit surges by 62% to ₹1,988 crore with double-digit NII growth
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