JB Pharma announced its financial results for the first quarter ended 30th June, 2022. The company recorded revenue of Rs 785 crore as compared to Rs 606 crore, registering growth of 30 per cent over the corresponding quarter. Operating Earnings Before Interest Depreciation and Taxes (EBIDTA) increased by 16 per cent to Rs 190 crore as compared to Rs 164 crore. Profit After Tax (PAT) stood at Rs 105 crore as compared to Rs 119 crore on account of higher treasury income in Q1FY 22, non-cash ESOP cost, depreciation on account of acquired brands and finance costs in Q1FY23, according to a statement from the company.
The statement said that the company recorded revenue growth at 30 per cent despite a challenging operating environment, while the organic growth was pegged at around 20 per cent. Domestic Formulations business continued its performance growing at 34 per cent to Rs 418 crore. International business revenue grew by 28 per cent to Rs 366 crore.
In addition, it said that all the three businesses viz. export formulations, CMO and API business performed well in the quarter. Operating EBITDA grew by 16 per cent to Rs 190 crore, while gross margins were at a healthy 62.7 per cent v/s 64.2 per cent. Non-cash ESOP cost as a percentage to reported EBITDA was at 10 per cent as compared to 20 per cent of reported EBITDA in Q4 FY22. Other expenses included the normalisation of marketing expenses as compared to Q1 FY22, and increase in fuel, freight and logistics in the exports business on a YOY basis, while some softening was seen in international freight.
Domestic business records the highest ever sales in a quarter of Rs 418 crore registering growth of 34 per cent, while organic revenues from the domestic business also outpaced the industry growth.
International business recorded robust revenue growth of 28 per cent to Rs 366 crore with exports formulations, CMO and API business recorded growth of 11 per cent, 108 per cent and 17 per cent, respectively. South Africa unit registered growth in both public and private markets riding on robust tender demand and new launches in the private market. Russia local sales remained steady with receivables looking positive from the region. The CMO revenue crossed Rs 100 crore for the first time in a quarter due to strong surge on account of demand in lozenges and liquids from key partners, the statement concluded.
Great article here , Good article.