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ICICI Securities Report
JB Chemicals and Pharmaceuticals Ltd.'s Q3 FY22 performance was better than our estimates on operational fronts.
Excluding revenue deferred to Q3 FY21 from Q2 FY21, consolidated revenue grew 23% YoY to Rs 6 billion (our estimate: 5.8 billion).
Ebitda margin stood at 21.3%, higher than our estimate of 19.8%. Partially, Q3 also benefited by 50% price increase in Ranitidine. Post the consolidation of Sanzyme portfolio, domestic contribution increased to 55%.
We remain positive on the JB Chemicals' strategy towards improving productivity in India business, portfolio expansion and cost optimisation.
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