India's Jubilant Pharmova posts 51% jump in Q3 profit on strong demand
India's Jubilant Pharmova reported a 51% jump in third-quarter profit on Friday, driven by a strong demand for its drugs with radioactive ingredients, used to treat cancer and other diseases.
Consolidated net profit rose to 1.01 billion rupees ($11.7 million) in the quarter ended Dec. 31, from 668 million rupees a year ago.
Revenue rose 9% to 18.14 billion rupees, lifted by the radiopharma segment's nearly 12% growth this quarter.
The segment accounted for nearly 46% of the total revenue.
The drugmaker, which manufactures and supplies radiopharmaceuticals used to diagnose and treat cancer and other diseases such as hyperthyroidism and lung diseases, has a network of 52 radio-pharmacies in the United States.
Revenue from its contract manufacturing segment, the firm's second-biggest segment that makes sterile injectables, rose slightly, as did the generics business.
Jubilant Pharmova's shares jumped as much as 4.5% after the results, but pared gains to last trade 1.5% higher.
($1 = 86.5940 Indian rupees)
