JB Pharma reports revenue growth of 32 percent to Rs 793 crores in Q3 FY23
Rs 2387 Crores revenue recorded for nine months of FY23
Mumbai: JB Chemicals & Pharmaceuticals ltd has reported revenue growth of 32 percent to Rs 793 crores in Q3 FY23. Operating EBITDA* (Earnings Before Interest Depreciation and Taxes) increased by 26 percent to Rs 193 crores as compared to Rs 153 crores and the Profit after Tax stood at an imposing Rs 106 crores as compared to Rs 84 crores registering growth of 26 percent, for the...
Mumbai: JB Chemicals & Pharmaceuticals ltd has reported revenue growth of 32 percent to Rs 793 crores in Q3 FY23.
Operating EBITDA* (Earnings Before Interest Depreciation and Taxes) increased by 26 percent to Rs 193 crores as compared to Rs 153 crores and the Profit after Tax stood at an imposing Rs 106 crores as compared to Rs 84 crores registering growth of 26 percent, for the same period.
Commenting on financial results, Mr. Nikhil Chopra, CEO, and Wholetime Director, JB Pharma mentioned, “JB continues its growth journey delivering strong financial performance in the quarter. Our organic business outpaced the market, whereas our inorganic portfolio added to the upsides with better than anticipated momentum. Our inorganic strategy is built around growing the India business and increasing share in the chronic segment. During the quarter we acquired Razel, a leading brand for lipid-lowering. This further strengthens our chronic presence, as we enter the ‘Statins’ category - the largest segment in cardiology. Our strong prescriber base and existing chronic teams will help in further growing the brand and drive operating leverage”. He further added “The CMO business continued its revenue traction, while other parts of international business have also witnessed good growth. We are equally cautious about the inflationary environment and continue to build on productivity and cost optimization initiatives to enable us to maintain our operating margins.”
*Operating EBITDA is after excluding non-cash ESOP Charge
For Three Quarters or Nine months of the Financial Year 2022-23, the Company recorded revenue of Rs 2387 crores as compared to Rs 1800 crores for the same period in the previous year, registering growth of 33%. Operating EBITDA (Earnings Before Interest Depreciation and Taxes) increased by 28% to INR 584 crores as compared to Rs 457 crores. Profit after Tax was Rs 322 crores as compared to INR 301 crores.
Financial Performance
Q3 FY23
Particulars (INR Crores) | Q3 FY23 | Q3 FY22 | YoY Growth |
Revenue | 793 | 601 | 32% |
Operating EBITDA | 193 | 153 | 26% |
Op. EBITDA Margin (%) | 24.3% | 25.5% |
|
Profit Before Tax | 141 | 114 | 24% |
Profit After Tax | 106 | 84 | 26% |
9M FY23
Particulars (INR Crores) | 9M FY23 | 9M FY22 | YoY Growth |
Revenue | 2387 | 1800 | 33% |
Operating EBITDA | 584 | 457 | 28% |
Op. EBITDA Margin (%) | 24.5% | 25.4% |
|
Profit Before Tax | 433 | 402 | 8% |
Profit After Tax | 322 | 301 | 7% |
Sales Performance
Q3 FY23
Particulars (INR Crores) | Q3 FY23 | Q3 FY22 | YoY Growth |
Domestic Formulations | 407 | 286 | 42% |
International Formulations | 386 | 315 | 23% |
Total Revenue | 793 | 601 | 32% |
9M FY23
Particulars (INR Crores) | 9M FY23 | 9M FY22 | YoY Growth |
Domestic Formulations | 1260 | 904 | 39% |
International Business | 1127 | 896 | 26% |
Total Revenue | 2387 | 1800 | 33% |
JB registered YoY revenue growth of 32% in Q3 FY23 and 33% for the 9 months of FY23. Domestic business continued to record over Rs 400 crores in revenue for the third quarter in a row, out-pacing industry growth, while the international business grew at 23% to Rs 386 crores in Q3 FY23 and by 26% to Rs 1127 crores in the 9 months of FY23.
Domestic formulations business maintained its market beating performance growing at 42% in Q3 FY23 and 39% in 9M FY23, and excluding sales from the acquired brands, growth was mid-teens for Q3 and 9M FY23. International formulations and CMO business recorded strong growth, with the CMO business crossing INR 300 crores in the 9 months of FY23 recording a growth of 92% in Q3.
Operating EBIDTA grew by 26% in Q3 FY23 and 28% in 9M FY23. Operating EBIDTA margin was at 24.3% in Q3 FY23 vs 25.5% in Q3 FY22. Gross margins were at 62.3% in Q3 FY23 vs 65.7% in Q3 FY22. Higher Azmarda sales and Cost Inflation continue to impact gross margins.
Excluding non-cash ESOP cost, Employee cost as a percentage to sales improved to 15.1% in Q3 FY23 vs 15.6% in Q3 FY22. Non-cash ESOP cost as a percentage to Reported EBITDA was at 10.3% in Q3 FY23 as compared to 19.5% in Q3 FY22. Other expenses as a percentage to sales improved to 22.8% in Q3 FY23 from 24.5% in Q3 FY22. Profit after Tax grew by 26% to INR 106 crores in Q3 FY23
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