The decline in profit came despite a 17.3% increase in revenue from operations to ₹2,229.4 crore from ₹1,900.7 crore a year earlier.
EBITDA fell 14.4% year-on-year to ₹248 crore, from ₹289.6 crore, while the EBITDA margin stood at 11.1%, compared with 15.2% in the corresponding quarter last year.
The company said revenue growth was broad-based across its businesses, with CDMO Sterile Injectables delivering particularly strong growth. However, profitability was affected by the absence of high-margin SPECT radiopharmaceutical products, negligible third-party revenues and higher operating expenses, including incremental remediation costs at its CMO Montreal facility.
Sequentially, profit and revenue ease from March quarter
On a sequential basis, PAT attributable to owners fell 52.72% from ₹119.3 crore in the March quarter to ₹56.4 crore. Revenue from operations declined 2.65% from ₹2,290 crore in the preceding quarter to ₹2,229.4 crore.
The company said revenue at CDMO Sterile Injectables was lower quarter-on-quarter because of a planned maintenance shutdown, although the business recorded strong year-on-year growth.
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Revenue grows across businesses, but profitability remains under pressure
Jubilant Pharmova’s Radiopharma business recorded revenue of ₹1,022 crore, up 18% year-on-year. Within the segment, Radiopharmaceuticals revenue rose 19% to ₹322 crore, while Radiopharmacies revenue increased 17% to ₹700 crore. Radiopharmaceuticals EBITDA stood at ₹110 crore, while Radiopharmacies EBITDA was ₹12 crore.
Allergy Immunotherapy revenue grew 18% to ₹214 crore, while EBITDA increased 5% to ₹66 crore. The company said the revenue growth was driven by higher demand in both the US and markets outside the US, while the EBITDA margin declined year-on-year due to lower production.
The CDMO Sterile Injectables business reported a 34% rise in revenue to ₹496 crore, supported by incremental revenue from Line 3 at its Spokane facility. EBITDA stood at ₹45 crore. At Spokane, revenue rose 43% to ₹494 crore and EBITDA increased 49% to ₹117 crore, with the EBITDA margin expanding by 100 basis points to 24%.Within CRDMO, Drug Discovery Services revenue rose 8% to ₹174 crore, with EBITDA increasing 43% to ₹45 crore and the EBITDA margin expanding to 26%. The API business reported revenue of ₹135 crore and EBITDA of ₹19 crore, with the company citing industry-wide pricing pressure and higher raw material costs.
Generics revenue increased 4% to ₹173 crore, helped by the launch of two new products, while EBITDA stood at ₹4 crore.
Commenting on the results, Chairman Shyam S Bhartia and Co-Chairman and Non-Executive Director Hari S Bhartia said revenue growth was broad-based, with CDMO Sterile Injectables particularly strong on the back of technology transfer revenues from the new and third line. They attributed the year-on-year decline in EBITDA margins to the unavailability of high-margin SPECT products, negligible third-party revenues and higher operating expenses, including remediation costs at Montreal.
The company said commercial batch production of SPECT radiopharmaceuticals has started after successful media-fills, with batches expected to be released in the second quarter. It also said all SPECT radiopharmaceutical products are expected to be available by the second half of financial year 2027.
Shares of Jubilant Pharmova closed at ₹960 on the NSE on Monday, up 3% from its previous close.
