Shares of Blue Jet Healthcare are buzzing in trade on Tuesday after the company reported its fourth quarter earnings, registering strong numbers. The stock is trading at Rs 510.9, accounting for gains of more than 6% compared to Monday's closing price.
This is a welcome rally for a stock that has fallen 37% over the last 12 months and is down 3% on a year-to-date basis. The positive momentum was largely driven by strong sequential performance in Q4.
Revenue grew 22% quarter-on-quarter, driven by higher sales of advanced contrast media, while gross margins improved to 56% from 52%.
On a year-on-year basis, however, revenue declined 31% to Rs 235 crore from Rs 340 crore, EBITDA fell 48.9% to Rs 71.3 crore from Rs 140 crore, and net profit dropped 41.5% to Rs 64.3 crore from Rs 110 crore.
This is largely due to negligible sales in one pharma intermediate molecule and customer inventory normalisation, both of which the company said have now run their course.
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