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Dolat Capital Report
JB's Q4FY23 result was largely in-line with our estimates.
Sales stood at Rs7.6bn slightly above our estimate of Rs7.2bn, (grew by 22.1% YoY) driven by market beating performance by domestic business and higher CMO sales. Gross margins at 63.9% (abv est) contracted 198bps YoY and expanded 166bps QoQ. EBITDA at Rs1.64bn grew by 16.9% YoY/declined by 6.4% QoQ, EBITDA margin at 21.5% slightly below our est of 22.2% (-94bps/- 58bps YoY/QoQ) due to higher than expected other operating expenses. Excluding ESOP cost, EBITDA margin was at 23.7%.
We upgrade our EPS estimates by 3%/6.5% in FY24E/FY25E assuming higher than expected sales and EBITDA margin. Maintain Buy with TP of Rs2,536.
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