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Dolat Capital Report
JB Chemicals and Pharmaceuticals Ltd. reported a strong Q1, led by 8.6% YoY growth in domestic formulations (11% QoQ despite a high base) versus Indian pharmaceutical market (IPM) de-growth of 5%.
The sharp growth was driven by cardiac portfolio (up 24%)– Cilacar and Nicardia as acute declined 1% YoY.
Exports (both formulations and active pharmaceutical ingredient) grew 28% YoY led by higher stocking. Improved product mix coupled with lower opex led Ebitda margins surge to 34% (up 980 basis points YoY).
Management expects to outperform IPM growth and sustenance in export growth in FY21E.
Further, it remains confident of its growth in the medium term led by newer launches in India, traction in contract manufacturing organization (CMO) and its export branded generics markets with sustenance of healthy Enitda margins at 20% plus.
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