Revenue during the quarter grew 21.60 percent to $532.60 million from $438 million in the previous year period. Gross margin for the quarter expanded 262 basis points over the previous year period to 31.43 percent. Total expenses were 87.87 percent of quarterly revenues, down from 92.85 percent for the same period last year. This has led to an improvement of 498 basis points in operating margin to 12.13 percent.

Operating income for the quarter was $64.60 million, compared with $31.30 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $117.80 million compared with $80.70 million in the prior year period. At the same time, adjusted EBITDA margin improved 369 basis points in the quarter to 22.12 percent from 18.42 percent in the last year period.

"We're pleased with our performance during the third quarter, where we recorded double-digit organic revenue growth on a constant currency across all three of our reporting segments, and closed our second strategic acquisition of the fiscal year," said John Chiminski, president and chief executive officer of Catalent, Inc. "The integrations of both acquisitions closed during the fiscal year, Pharmatek and Accucaps, are progressing according to our expectations and are already creating value for the company and our shareholders."

For fiscal year 2017, Catalent, Inc forecasts revenue to be in the range of $1,940 million to $1,980 million. The company expects adjusted net income to be in the range of $168 million to $183 million.

The company has spent $257 million cash to meet investing activities during the nine month period as against cash outgo of $107.80 million in the last year period.

Cash flow from financing activities was $168.40 million for the nine month period as against cash outgo of $27.10 million in the last year period.

Cash and cash equivalents stood at $241.20 million as on Mar. 31, 2017, up 80.13 percent or $107.30 million from $133.90 million on Mar. 31, 2016.

Working capital increases sharply
Catalent, Inc has recorded an increase in the working capital over the last year. It stood at $538.30 million as at Mar. 31, 2017, up 51.21 percent or $182.30 million from $356 million on Mar. 31, 2016. Current ratio was at 2.38 as on Mar. 31, 2017, up from 1.96 on Mar. 31, 2016.

Cash conversion cycle (CCC) has decreased to 53 days for the quarter from 79 days for the last year period. Days sales outstanding went down to 62 days for the quarter compared with 70 days for the same period last year.

Days inventory outstanding has decreased to 24 days for the quarter compared with 48 days for the previous year period. At the same time, days payable outstanding went down to 33 days for the quarter from 38 for the same period last year.