Akums Drugs Q1 profit at Rs 60 cr; total income Rs 1,026 cr

New Delhi: Akums Drugs and Pharmaceuticals on Monday reported a consolidated net profit of Rs 60 crore for the first quarter ended June 30, 2024, aided by strong sales.

The company had incurred a net loss of Rs 182 crore in April-June FY24.

Total income increased to Rs 1,026 crore as against Rs 978 crore in the year-ago period, Akums Drugs said in a statement.

The company said its board has approved a plan to set up two production facilities in Jammu at an overall investment of Rs 265 crore.

These will be multi-dosage facilities across pharmaceutical and nutraceutical products, it added.

"The launch of our injectable facility and the Jammu expansion are key steps in our strategy to enhance our production capabilities," MD Sandeep Jain said.

These developments, coupled with ongoing efforts in R&D and innovation, are aligned with the company's endeavour to respond effectively to the evolving demands of clients and the healthcare industry, he added.

Akums is a leading contract development and manufacturing organisation(CDMO), serving top pharmaceutical companies in India.

It has an annual manufacturing capacity of 49.59 billion units spread across more than 60 dosage forms. It owns 12 formulation manufacturing units along with 3 API units.

Shares of the company were trading 3.57 per cent down at Rs 907.35 apiece on the BSE.