Jubilant Pharmova (erstwhile Jubilant Life Sciences) hit an upper circuit of 5% at Rs 954.45 after the company reported 52% jump in net profit to Rs 310 crore on a 15% rise in revenue from operations to Rs 2,664 crore in Q3 FY21 over Q3 FY20.
Profit before tax in Q3 FY21 stood at Rs 453 crore, up by 54% from Rs 293 crore in Q3 FY20. Tax expense increased by 59% year-on-year (YoY) to Rs 143 crore in the December 2020 quarter.
Reported EBITDA improved by 27% to Rs 653 crore in Q3 December 2020 from Rs 513 crore in Q3 December 2019. Reported EBITDA margin was at 24.5% as on 31 December 2020 as against 22.2% as on 31 December 2019.
On the segmental front, pharmaceuticals revenue was at Rs 1,692 crore (up 17% YoY), life science ingredients revenue was at Rs 893 crore (up 12% YoY) and contract research and development services revenue was at Rs 79 crore (up 17% YoY) during the quarter.
Commenting on the company's performance, Shyam S Bhartia, chairman and Hari S Bhartia, co-chairman & managing director, said: "Q3'FY21 has witnessed a substantial improvement over the previous quarter despite continued adverse impact of the COVID-19 pandemic.
Pharma business delivered strong performance led by CDMO and Generics. We continue to see new business opportunities in CDMO, Generics and Specialty Pharma segments.
The company's performance in the LSI business has been better due to good demand and improved pricing of select products.
Contract Research and Development Services business witnessed strong year-on-year growth in revenues led by healthy demand from customers.
We continue to expect strong performance in our businesses in Q4'FY21. During 9M'FY21, the Company reduced net debt on a constant currency basis by Rs 570 crore. This is in addition to Rs 514 crore reduction in net debt during FY20.
We received the final NCLT order approving the demerger of our LSI business. The demerger is effective from 1 February 2021 and creates separate and focused entities: Jubilant Pharmova for pharmaceuticals, contract research and development services and proprietary novel drugs businesses and Jubilant Ingrevia for life science products and innovative solutions business; that will help in unlocking shareholder value."
Jubilant Pharmova is engaged in pharmaceuticals, contract research and development services and proprietary novel drugs businesses
The company has been renamed from Jubilant Life Sciences to 'Jubilant Pharmova' on issue of the Certificate of Incorporation by the Registrar of Companies on 1 February 2021.
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