JB Chemicals & Pharmaceuticals Limited (JBCPL) Records Revenue growth of 16 % to Rs. 606 crores for Q1 FY22 Profit After Tax was flat at Rs. 118.9 crores for Q1 FY22
J. B. Chemicals & Pharmaceuticals Limited (JBCPL), one of the fastest growing pharmaceutical companies in India, announced its financial results for the first quarter ended 30th June, 2021.
Quarterly Financial Performance – Q1 FY22 vs Q1 FY21
For the first quarter ended 30th June 2021, the Company recorded revenue of Rs. 606 crores as compared to Rs. 522.3 crores, registering growth of 16 % over the corresponding quarter ended 30th June, 2020. EBITDA (Earnings Before Interest Depreciation and Taxes) increased by 5 % to Rs. 163.7 crores as compared to Rs. 155.4 crores. EBITDA margin for the quarter was at 27 % as compared to 29.8 %. Profit after Tax was flat at Rs. 118.9 crores as compared to Rs. 119.4 crores.
Commenting on financial results, Mr. Nikhil Chopra, CEO and Wholetime Director, JBCPL said,
“The
organisation continues
its strong
performance well
in the
first quarter
of the
financial year.
On the
domestic front,
we are
one of
the fastest
growing companies
in the
industry. Our
new Go-
To-Market(GTM) model
has been
implemented and
early signs
are encouraging,
which is
reflected in the strong performance of flagship brands and new launches. While demand trends
in international
business continue
to be
volatile (given
the COVID
situation); our
key markets
like US, S Africa have outperformed and even Russia/ CIS are seeing gradual signs of revival. We
expect the
performance to
improve in
select pockets
of our
international business.
Going forward, our priority continues to build on cost efficiency measures while maintaining the same
growth momentum”
Financial Performance
Q1 FY22
|
Particulars (in Rs. Cr) |
Q1 FY22 |
Q1 FY21 |
YoY Growth |
|
Revenue |
606.0 |
522.3 |
16 % |
|
EBITDA |
163.7 |
155.4 |
5 % |
|
EBITDA Margin (%) |
27.0 % |
29.8 % |
|
|
Profit Before Tax |
157.9 |
157.1 |
1% |
|
Profit After Tax |
118.9 |
119.4 |
|
|
Profit Margin (%) |
19.6 % |
22.9 % |
|
|
Diluted EPS |
15.4 |
15.5 |
|
FY21
|
Particulars (in Rs. Cr) |
FY21 |
FY20 |
YoY Growth |
|
Revenue |
2042.5 |
1774.7 |
15% |
|
EBITDA |
560.4 |
377.6 |
48% |
|
EBITDA Margin (%) |
27.4 % |
21.3 % |
|
|
Profit Before Tax |
596.9 |
348.9 |
71% |
|
Profit After Tax |
448.0 |
272.0 |
65% |
|
Profit Margin (%) |
22.0% |
15.3% |
|
|
EPS |
58.0 |
34.2 |
|
Sales Performance
Q1 FY22
|
Particulars (in Rs. Cr) |
Q1 FY22 |
Q1 FY21 |
YoY Growth (%) |
|
Domestic Formulations |
313 |
224 |
39 % |
|
International Business |
287 |
292 |
-1 % |
|
Other Operating Revenues |
6 |
6 |
|
|
Total Revenue |
606 |
522 |
16 % |
FY21
|
Particulars (in Rs. Cr) |
FY21 |
FY20 |
YoY Growth (%) |
|
Domestic Formulations |
892 |
797 |
12% |
|
International Business |
1127 |
954 |
18% |
|
Other Operating Revenues |
24 |
24 |
- |
|
Total Revenue |
2043 |
1775 |
15% |
Key Highlights:
Financial Highlights
· The organization continues to perform well with revenue momentum continuing to remain strong
· Highest ever quarterly revenue recorded during the first quarter of FY21, despite lockdowns in key markets and supply chain challenges
· Domestic Formulations business records 39 % growth while the International business revenue was largely flat as compared to Q1 FY21
· As per MAT June 2021 IQVIA data, Domestic Formulations maintains secular outperformance compared to industry growth rates, driven by strength in chronic segments and expanding prescriber coverage
· Uncertainty in view of the second wave of COVID-19 impacted growth in certain geographies in the international market during the quarter
· Gross Margin profile continues to remain healthy at 64 % aided by good product mix
·
EBITDA
margin remains
strong despite
cost base
returning to
normal level
of operations
during Q1
FY 22
Domestic Formulations Business update
· As per MAT June 21 IQVIA data, Domestic Formulations business continues to outpace industry growth rate
· As per IQVIA, JBCPL recorded growth of 22.1 % in Q1 FY 22 as compared to Q1 FY 21
· Big brands continue to support growth momentum with market beating growth in covered market
· As per IQVIA Mat June 2021 data, JBCPL big brands recorded good growth - Rantac (37.3
%), Cilacar (15.8 %), Cilacar-T (26.5 %), Metrogyl (49.6 %) and Nicardia (15.4 %)
· The new Go-To-Market model has been implemented and is functioning well providing a solid base for the organisation
· Launched a new dedicated division RENOVA to cater to the needs of Chronic Kidney Disease patients in the country
· During the quarter, the company also launched the NOVA division, which will focus on pediatric and respiratory segment in India
Product
Launches
· During the quarter, the company launched a number of new products in the Renova division and five new products in the Nova Division. Some of the major product launches were viz. Aquazyl – Isomalt Lozenges addressing the challenge of dry mouth(xerostamia); NOSMOK – Nicotine lozenges 2mg and 4 mg for reducing withdrawal symptoms associated with Smoking Cessation and NINTABID – Ninetadanib 100/150 mg capsules – first line treatment for Idiopathic Pulmonary Fibrosis to slow down the progressive loss of lung function
International Business update
· Uncertainty surrounding second wave of COVID-19 in certain international geographies impacted revenue growth for the International business
· USA and South Africa business continues to show strong momentum with growth in excess of 20% respectively for the first quarter
· Despite muted cough and cold season Russia CIS has seen gradual growth revival during the quarter
· API business remained challenging for Q1 FY 22. However, the business is now showing a good trend and a healthy order book