Mumbai, India; Nov 07, 2023 – JB Chemicals & Pharmaceuticals ltd (JB Pharma), one of the fastest growing pharmaceutical companies in India, announced its financial results for the quarter ended 30th September, 2023.
Quarterly Financial Performance – Q2 FY24 vs Q2 FY23
JB Pharma recorded revenue of INR 882 crores in the second quarter of FY24 registering growth of 9% from INR 809 crores in Q2 FY23. Operating EBITDA* (Earnings before Interest Depreciation and Taxes) improved by 24% to INR 251 crores. Profit after Taxes registered strong growth of 36% to INR 151 crores vs INR 111 crores in Q2 FY23
*Operating EBITDA is after excluding non-cash ESOP Charge
Commenting on the financial results, Mr. Nikhil Chopra, CEO and Wholetime Director, JB Pharma mentioned, “During Q2, the business delivered a healthy blend of domestic and international business growth, with expansion in domestic business led by our chronic segment and acquired portfolio. Our transformed go-to-market framework is driving gains in market share and improvement in our rankings in IPM. Our acquired portfolio has not only helped us increase our chronic segment presence and market rankings. but it is also beginning to positively impact our operating margins. We have made significant progress in the cardiology segment. Our domestic business showed strong resilience even during a period when the acute segment had relatively softer demand.
International business has performed well, with sustained traction in our CDMO segment. International formulations have shown strong growth outside South Africa, as we focus on being agile to market needs and scaling up with new launches in the medium and long term. We are excited about the growth ahead and remain focused on strong execution to deliver as per plan across both domestic and international markets.”
Financial Performance – H1 FY24 vs H1 FY23
For the first half of the financial year 2023-24, the Company recorded revenue of INR 1778 crores as compared to INR 1594 crores, registering growth of 12%. Operating EBITDA* (Earnings Before Interest Depreciation and Taxes) increased by 26% to INR 494 crores as compared to INR 392 crores. Profit after Tax registered strong growth of 36% to INR 293 crores vs INR 216 crores in H1 FY23.
Financial Performance
Q2 FY24 vs Q2 FY23
| Particulars (INR Crores) | Q2 FY24 | Q2 FY23 | YoY Growth |
| Revenue | 882 | 809 | 9% |
| Operating EBITDA | 251 | 202 | 24% |
| Op. EBITDA Margin (%) | 28.5% | 25.0% | |
| Profit Before Tax | 209 | 150 | 39% |
| Profit After Tax | 151 | 111 | 36% |
H1 FY24 vs H1 FY23
| Particulars (INR Crores) | H1 FY24 | H1 FY23 | YoY Growth |
| Revenue | 1778 | 1594 | 12% |
| Operating EBITDA | 494 | 392 | 26% |
| Op. EBITDA Margin (%) | 27.8% | 24.6% | |
| Profit Before Tax | 403 | 292 | 38% |
| Profit After Tax | 293 | 216 | 36% |
Sales Performance
Q2 FY24 vs Q2 FY23
| Particulars (INR Crores) | Q2 FY24 | Q2 FY23 | YoY Growth |
| Domestic Formulations | 481 | 434 | 11% |
| International Formulations | 401 | 375 | 7% |
| Total Revenue | 882 | 809 | 9% |
H1 FY24 vs H1 FY23
| Particulars (INR Crores) | H1 FY24 | H1 FY23 | YoY Growth |
| Domestic Formulations | 970 | 853 | 14% |
| International Formulations | 808 | 741 | 9% |
| Total Revenue | 1778 | 1594 | 12% |
Key Highlights
- JB Pharma recorded YoY revenue growth of 9% to INR 882 crores in Q2 FY24 and 12% to INR 1778 crores in H1 FY24
- Domestic formulations business continued its momentum recording YoY growth of 11% in Q2 FY24 and 14% in H1 FY24
- International business registered YoY growth of 7% in Q2 FY24 and 9% in H1 FY24
o CDMO business continued to perform well recording revenue of INR 115 crores
- Operating EBITDA* witnessed YoY improvement of 24% in Q2 FY24 and 26% in H1 FY24
o Operating EBITDA margin stood at 28.5% in Q2 FY24 and at 27.8% in H1 FY24
- Gross Margin was 66.2% for the quarter (YoY improvement of 350 bps) and was at 65.8% in H1 FY24 (YoY improvement of 310 bps)
- Total employee costs increased by 9% to INR 148 crores in Q2 FY24 and by 10% to INR 297 crores in H1 FY24
- Other expenses as a percentage to sales improved to 21.8% in Q2 FY24 vs 23.2% in Q2 FY23 and to 22.3% in H1 FY24 vs 23.4% in H1 FY23
- Net Profit improved by 36% in Q2 FY24 as well as in H1 FY24
Domestic Business
o Domestic business grew 11% to INR 481 crores in Q2 FY24 vs INR 434 crores in Q2 FY23
o Business grew 14% to INR 970 crores in H1 FY24 vs INR 853 crores in H1 FY23
o Chronic segment performed well in Q2 FY24 and H1 FY24 while Acute portfolio remained subdued due to weak demand
o JB Pharma continues to be the fastest growing company amongst Top 25 in IPM (IQVIA MAT Sept’23 data) while as per IQVIA H1 FY24 data, JB Pharma was the fastest growing company among the top 25 in the chronic segment recording YoY growth of 18%
International Business
o International business recorded revenue of INR 401 crores in Q2 FY24 and INR 808 crores in H1 FY24
o Excluding South Africa, the business grew double-digit in Q2 FY24 and mid- teens in H1 FY24
o International formulations business registered YoY growth of 7% in Q2 FY24 to INR 263 crores and 9% in H1 FY24
- RoW exports business recorded strong growth in Q2 FY24
o Momentum in CDMO business continues as it garnered revenue of INR 115 crores in Q2 FY24 (YoY growth of 5%) and INR 234 crores in H1 FY24 (growth of 11%)
