Jubilant Pharmova Q3 net profit up 52 pc at Rs 310 cr

Contract Research and Development Services business witnessed strong year-on-year growth in revenues led by healthy demand from customers, the statement said.We continue to expect strong performance in our businesses in Q4FY21, it added.Shares of the company closed at Rs 935.15 per scrip on the BSE, up 2.88 per cent from its previous close.

Drug firm Jubilant Pharmova on Friday reported a 52.34 percent rise in its consolidated net profit to Rs 309.83 crore for the quarter ended in December.

The company had posted a net profit of Rs 203.38 crore for the corresponding period of the previous financial year, Jubilant Pharmova said in a filing to BSE.

Consolidated total revenue from operations of the company stood at Rs 1,771.34 crore for the quarter under consideration. It was Rs 1,517.98 crore for the same period a year ago, it added.

''Q3'FY21 has witnessed a substantial improvement over the previous quarter despite the continued adverse impact of the COVID-19 pandemic,'' Jubilant Pharmova Chairman Shyam S Bhartia and Co-Chairman and Managing Director Hari S Bhartia said in a statement.

Pharma business delivered strong performance led by contract development and manufacturing organization (CDMO) and Generics. We continue to see new business opportunities in CDMO, Generics, and Specialty Pharma segments, they added.

The company's performance in the Life Science Ingredients (LSI) business has been better due to good demand and improved select product pricing. Contract Research and Development Services business witnessed strong year-on-year growth in revenues led by healthy demand from customers, the statement said.

''We continue to expect strong performance in our businesses in Q4'FY21,'' it added.

Shares of the company closed at Rs 935.15 per scrip on the BSE, up 2.88 percent from its previous close.