JB Pharma records revenue growth of 36% to INR 809 crores in Q2 FY23

Domestic Formulations business maintained its market beating performance growing at 45% in Q2 FY23 and 38% in H1 FY23. Excluding sales from the acquired brands, growth was around         mid-teens for Q2 and H1 FY23

Commenting on the financial results, Mr. Nikhil Chopra, CEO and Wholetime Director, JB Pharma said, “We continue to build further on our strong operating performance across business segments in FY 23. Our market-beating performance in domestic business was sustained through growth in our organic portfolio, with big brands getting bigger; and significant demand acceleration in acquired brands which have seamlessly transitioned in a short period. The momentum in our international business continued across markets, with all three of our verticals performing well. The CMO business has once again been the standout performer and we will continue to invest to scale this business.

Our strategic focus on key brands, segments and geographies is resulting in a consistent, sustained revenue growth. And this growth, along with productivity improvement and cost optimization initiatives, is creating strong operating leverage which is enabling us to maintain our margins in an inflationary environment with supply chain challenges.”

*Operating EBITDA is after excluding non-cash ESOP Charge

The Half Yearly Financial Results have also been outstanding, with the Company recording revenues of INR 1594 crores as compared to INR 1199 crores last year, registering growth of 33%. Operating EBITDA* (Earnings Before Interest Depreciation and Taxes) increased by 29% to INR 392 crores as compared to INR 303 crores. Profit after Tax was INR 216 crores as compared to INR 217 crores.

International business continued its strong momentum growing at 28% to INR 375 crores in Q2 FY23 with a sustained improvement in international business, where all three businesses viz. Exports formulations, CMO and the API business performed well. Operating EBIDTA* improved by 44% in Q2 FY23 and 29% in H1 FY23. Operating EBITDA* margin was at 25% in Q2 FY23 vs 23.6% in Q2 FY22 leading to strong operating leverage. PAT growth led by strong EBITDA growth, partly impacted by lower treasury income, higher amortization charges & higher finance costs.

Domestic business continued to register INR 400+ crores revenue for the  second consecutive quarter. Domestic business, excluding sales from acquired brands, grew at mid-teens, out-pacing industry growth, and new products contributed 4.4% to domestic sales for Q2 FY23.

With this performance, JB continues to be the fastest growing company among the top 25 as per IQVIA MAT Sept’22 data and ranked #23 in the IPM. JB grew by 19% as compared to IPM growth at 6.6% as per IQVIA MAT Sep’22.

The International business continues its strong performance with revenue growing at 28% in Q2 FY23 as well as H1 FY23. International business and CMO revenue were the highest ever recorded in a    quarter. Both Exports formulations and API registered double digit growth for Q2 FY23 as well as H1 FY23. CMO revenue recorded 64% growth in Q2 FY23 to INR 110 crores. CMO accounts for 28% of International revenue for H1 FY23 as compared to 20% in H1 FY22. New launches in specific markets showing good progress.

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