Shares of JB Chemicals and Pharmaceuticals Ltd were trading 3% lower on 26 October after the company said that its registered office and corporate office were under inspection by the Maharashtra GST (Good and Services Tax) Department.

The inspection was benign on 25 October and has continued for the second day.

In its filing, the company said, “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.”

In its quarterly report for the April-June quarter, the company said that it reported a 35% year-on-year increase in its net profit at Rs 142 crore and a 14% YoY increase in its revenue from operations at Rs 896 crore for the quarter under review.

In his earlier statement, Nikhil Chopra, CEO and full-time director of JB Pharma, said, “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.”

At 3:30 pm, the shared JB Pharma Closed 0.97% above at Rs 1,310 on NSE.