(Reuters) – India’s Jubilant Pharmova reported a 64.5% rise in second-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 1.03 billion rupees (about $12 million) in the quarter ended Sept. 30 from 625 million rupees a year ago.
Revenue rose 4.5% to 17.42 billion rupees, lifted by the radiopharma segment’s nearly 11% growth in this quarter.
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.
This business accounted for nearly 50% of the total revenue.
Revenue from its contract manufacturing segment, the firm’s second biggest segment which makes sterile injectables, rose 5%.
Shares of the company turned positive after results and rose as much as 2% before paring most gains to trade flat.
($1 = 84.0540 Indian rupees)
(Reporting by Kashish Tandon in Bengaluru; Editing by Sumana Nandy)
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