JB Pharma records revenue growth of 32% to INR 793 crores in Q3 FY23

Commenting on financial results, Mr. Nikhil Chopra, CEO and Wholetime Director, JB Pharma mentioned, “JB continues its growth journey delivering strong financial performance in the quarter. Our organic business outpaced the market, whereas our inorganic portfolio added to the upsides with better than anticipated momentum. Our inorganic strategy is built around growing the India business and increasing share in the chronic segment. During the quarter we acquired Razel, a leading brand for lipid-lowering. This further strengthens our chronic presence, as we enter the ‘Statins’ category – the largest segment in cardiology. Our strong prescriber base and existing chronic teams will help in further growing the brand and drive operating leverage”.

“The CMO business continued its revenue traction, while other parts of international business have also witnessed good growth. We are equally cautious about the inflationary environment and continue to build on productivity and cost optimization initiatives to enable us to maintain our operating margins.” added Chopra.

For Three Quarters or Nine months of the Financial Year 2022-23, the Company recorded revenue of INR 2387 crores as compared to INR 1800 crores for the same period in the previous year, registering growth of 33%. Operating EBITDA (Earnings Before Interest Depreciation and Taxes) increased by 28% to INR 584 crores as compared to INR 457 crores. Profit after Tax was INR 322 crores as compared to INR 301 crores.

As per IQVIA MAT Dec’22 data, JB Pharma continues to be the fastest growing company among the top 25 in the industry, growing by over 19.5% as compared to IPM growth at 6.5%. JB registered YoY revenue growth of 32% in Q3 FY23 and 33% for the 9 months of FY23. Domestic business continued to record over INR 400 crores in revenue for the third quarter in a row, out-pacing industry growth, while the international business grew at 23% to INR 386 crores in Q3 FY23 and by 26% to INR 1127 crores in the 9 months of FY23.

Domestic formulations business maintained its market beating performance growing at 42% in Q3 FY23 and 39% in 9M FY23, and excluding sales from the acquired brands, growth was mid-teens for Q3 and 9M FY23. International formulations and CMO business recorded strong growth, with the CMO business crossing INR 300 crores in the 9 months of  FY23 recording a growth of 92% in Q3.

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