Integrated pharmaceutical company Jubilant Organosys Ltd on Wednesday reported a 74% growth in its net profit for the third quarter ended in December on a consolidated basis, as it eyed an entry into the healthcare services business.
Net profit for the research and manufacturing services company rose to Rs 63.7 cr from Rs 36.6 cr over the period. Net sales on a consolidated basis moved up by 11.2% for the quarter to touch Rs 469.3 cr, according to the unaudited results for the quarter.
"Our outlook going forward is very encouraging as we expect robust growth in our PLSP (pharmaceutical and life science products) business and strong results from other businesses,” said Jubilant Organosys Chairman and Managing Director Shyam S Bhartia.
The company's board approved its entry into the healthcare business by approving an investment of up to Rs 80 cr in a Kolkata-based company. It plans to pick up to 96% stake in the company managed by a team of successful medical professionals in West Bengal.
This firm would set up a tertiary care super specialty hospital near Kolkata and secondary hospitals in the state of West Bengal, Jubilant said in a statement.
On a standalone basis, Jubilant Organosys reported a 47.4 per cent increase in net profit for the quarter. Net profit stood at Rs 60.3 cr compared with Rs 40.9 cr in the corresponding period last year.
Net sales on a standalone basis increased by 8.8% to Rs 412.8 cr during the quarter.