Procter & Gamble Health on Wednesday said that it will discontinue production of injections at its manufacturing plant in Goa from September 30.

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While announcing the discontinuation of the production of injections at the plant, the company said it plans to source the injection portfolio of its products from a contract manufacturer.

"Discontinuation of production at company’s plant in Goa, shall not have an impact on the continuity of sale of injections by the company, as the products will be sourced from a contract manufacturer," Procter & Gamble Health said in a filing to the stock exchanges.

The company is outsourcing manufacturing of the injection portfolio in a bid to achieve cost efficiency and supply optimisation.

The injections portfolio, obtained from the company's manufacturing facility at Goa, accounted for revenue of Rs 102.92 crores during the financial year 2022-23, forming 8.37 percent of its total revenue.

For the year ended June 30, 2023, Procter & Gamble Health posted a profit after tax of Rs 229 crore, up 19 percent from Rs 192 crore in the previous fiscal.

Total income surged to Rs 1,248 crore in the year under review as compared with Rs 1,128 crore in the previous year.

Also, the company's board recommended a final dividend of Rs 50 per share for the financial year ended June 30, 2023.

Shares of Procter & Gamble Health were trading 0.70 percent higher at Rs 5008.15 apiece on BSE at 11:14 AM.

First Published:Sept 27, 2023 4:10 PM IST