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ICICI Securities Report
Jubilant Pharmova Ltd.'s Q2 FY22 result beat our estimates led by higher revenue from Covid-19 related contract manufacturing organisation deals, which we believe would taper off from Q3 FY22.
Revenue grew 4.2% YoY to Rs 16.6 billion led by recovery in radiopharma and higher CMO sales.
Ebitda margin contracted 150 basis points YoY to 20.5% due to higher selling general and administrative expenses and adjusted profit after tax declined 2.9% YoY to Rs 1.4 billion.
Sartan recall, import alert at Roorkee and pricing pressure in the U.S. market impacted margins.
Jubilant Pharmova's CMO segment recorded incremental revenue from Covid-related deals, which contributed Rs 1.5 billion in Q2 FY22, but would gradually decline going forward with no certainty of continuity.
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