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Dolat Capital Report
JB Chemicals and Pharmaceuticals Ltd. reported a muted Q2 led by weak exports and recovering domestic formulations (on a high base).
Excluding contrast media, medical prescription growth came in at healthy 7% YoY in India driven by sustained growth momentum in the cardiac portfolio.
Exports (both formulations and active pharmaceutical ingredients) declined 9% YoY, 7% QoQ led by higher stocking.
While the fixed cost structure has more or less resumed normalcy, improved product mix (Metrogyl price hike in India) coupled with lower employee costs led gross and Ebitda margins expand to 69% and 25% respectively.
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