GST dept inspects Pharma office, stock down 3%

October 26, 2023
News
59 secs read

Source: Money Control

Mumbai-based pharma company JB Chemicals and Pharmaceuticals Ltd. said that its registered office and corporate office is under inspection by the Maharashtra Goods and Services Tax Department (GST).

Following the disclosure, shares of the company were down 3.31 percent on NSE at 12.25 pm. Shares were trading at Rs 1,254.50 apiece at 12.25 pm on October 26.

The inspection commenced on October 25 and is continuing on the second day, the company informed exchanges.

“The Company is fully cooperating with the officials of the GST Department and are responding to the queries raised by them. The business operations of the Company continue as usual and operations are not impacted,” the company said in a press statement.

JB Pharma had reported a 35 percent year-on-year (YoY) increase in its net profit at Rs 142 crore for the quarter ended June 30, 2023. Revenue from operations had grown 14 percent YoY to stand at Rs 896 crore.

“Our domestic business continued its growth trajectory through strong momentum in our chronic portfolio and acquired assets. CDMO (Contract Development and Manufacturing Organization) business scaled further during the quarter and the healthy momentum continues for this segment too,” Nikhil Chopra, CEO and whole-time director, JB Pharma had said earlier.

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