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Nirmal Bang Report
Jubilant Pharmova Ltd.'s Q1 FY23 performance was marred by a sharp decline across all the parameters. Generics and contract development and manufacturing organisation businesses saw a sharp decline in sales because of a steep drop in sartan prices, an unplanned shutdown of plant in Q4 FY22 (which led to some rollover effect in Q1 FY23, leading to lower volume), import alert on the Roorkee plant and no Remdesivir sales.
Besides the decline in active pharma ingredient sales, the CDMO business also lost business related to Covid products. The CDMO business still has ~Rs 700 million coming from Covid-related products, which may erode in the coming quarters.
Jubilant Pharmova's revenue declined by 11.2% YoY and 5% QoQ, while gross margin was relatively steady at 73.3% compared to 72.8% in Q4 FY22.
Specialty pharma business saw better demand as the adverse impact of Covid-19 waned.
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