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JB Pharma records revenue growth of 30% to Rs 785 cr in Q1FY23
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IANS | 05 Aug, 2022
JB
Pharma, one of the fastest growing pharmaceutical companies in India,
announced its financial results for the first quarter ended on June 30,
2022.
For the first quarter, 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 EBITDA
(Earnings Before Interest Depreciation and Taxes) increased by 16 per
cent to Rs 190 crore as compared to Rs 164 crore. Profit after tax 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.
Commenting on
financial results, Nikhil Chopra, CEO and Wholetime Director, JB Pharma
said: "Our operating performance in FY23 started on a strong note. We
continued the momentum in our domestic business, registering market
beating growth and achieving a new milestone in quarterly run-rate
revenue of over Rs 400 crore. Integration of Sanzyme's product range and
Azmarda have progressed as per plan. We also completed the acquisition
of a portfolio of paediatric brands which will enable us to offer a more
comprehensive product basket to paediatricians, helping us to serve
them better. International business also saw strong growth with a
robust order pipeline and out-performance in the CMO segment. With this
start, I believe we have built good momentum for the year ahead and
together with our continued focus on productivity enhancement and cost
optimisation, we are confident of delivering profitable growth."
JB
recorded robust 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 strong
performance growing at 34 per cent to Rs 418 crore. International
business revenues grew by a healthy 28 per cent to Rs 366 crore. All the
three businesses -- Exports 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 normalization of marketing expense as
compared to Q1 FY22, and increase in fuel, freight and logistics in the
exports business on a YOY basis, whilst some softening was seen in
international freight
Domestic business records 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. JB Pharma continues to remain the fastest growing
company among the top 25 as per IQVIA MAT June '22 data and as per MAT
June '22 data, JB Pharma ranked 23rd as compared to 25th in Q4 FY22. The
acquired brands from Sanzyme performed well with Sporlac gaining market
share during the quarter and good revenue traction achieved from the
successful transition of the acquired brand Azmarda.
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 & private markets riding on robust
tender demand and new launches in 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. Overall the order book continues to remain robust.
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As on 13 Aug, 2022 |
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