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ICICI Securities Report
JB Chemicals and Pharmaceuticals Ltd.'s Q4 FY22 performance was ahead of our estimates with continuous market-beating performance in India and recovery in export growth.
Consolidated revenue grew 18.2% YoY to Rs 6.2 billion (our estimate: 5.7 billion). Q4 FY22 also benefited by 50% price increase in Ranitidine.
Ebitda margin stood at 20.0% versus our estimates of 19.3%. However, excluding employee stock ownership plans (Rs 240 million) and acquisition-related cost (Rs 150 million), Ebitda margin stood at ~26%.
Post the consolidation of Sanzyme portfolio, domestic contribution increased to ~54%. We remain positive on the JB Chemicals' management's strategy towards improving productivity in India business, portfolio expansion and cost optimisation.
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