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Business News/ Companies / News/  Jubilant Life Sciences Q1 net profit declines 52% to 88 crore

New Delhi: Drug firm Jubilant Life Sciences on Friday reported a 52.42% decline in its consolidated net profit to 88.01 crore for the quarter ended June 30, 2020.

The company had posted a net profit of 184.98 crore for the corresponding period of the previous fiscal, Jubilant Life Sciences said in a filing to BSE.

'Consolidated total revenue from the operations of the company stood at 1,892.92 crore for the quarter under consideration. It was 2,181.86 crore for the same period a year ago,' it added.

"During the quarter, we worked diligently towards employees' safety while continuing to serve our global customers by maintaining our operations," Jubilant Life Sciences Chairman Shyam S Bhartia and Co-Chairman and MD Hari S Bhartia said.

Overall, barring unforeseen circumstances, "we expect strong performance in our Pharma, Life Science Ingredients (LSI) and Drug Discovery and Development Solutions (DDDS) business in the remaining three quarters of FY21" they added.

Pharmaceuticals revenue was at 1,096 crore for the quarter ended June this year as against 1,328 crore in the first quarter of the financial year 2020, the filing said.

LSI revenue was at 737 crore for the quarter under consideration as against 805 crore in the year ago fiscal period, it added.

Drug Discovery & Development Solutions revenue increased to 60 crore, led by growth in Drug Discovery Services business as against 48 crore for the first quarter of the previous fiscal, the filing said.

"Given the strong demand recovery and new business sign-ups, we believe COVID-19 is not likely to have a material impact on our overall performance during the financial year of 2021, provided the pandemic situation does not materially deteriorate going forward," the filing said.

Shares of Jubilant Life Sciences closed at 829.60 per scrip on the BSE, up 1.33 per cent from its previous close.

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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Updated: 04 Sep 2020, 06:13 PM IST
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