Mumbai : JB Pharma announced its financial results for the first quarter ended 30th June, 2022. For the first quarter ended 30th June 2022, the Company recorded revenue of INR 785 crores as compared to INR 606 crores, registering growth of 30% over the corresponding quarter. Operating EBITDA (Earnings Before Interest Depreciation and Taxes) increased by 16% to INR 190 crores as compared to INR 164 crores. Profit after Tax stood at INR 105 crores as compared to INR 119 crores on account of higher treasury income in Q1FY 22, non-cash ESOP cost, Depreciation on account of acquired brands and finance costs in Q1FY23.
Commenting on financial results, Mr. Nikhil Chopra, CEO and Wholetime Director, JB Pharma said, “Our operating performance in FY23 started on a strong note. We continued the momentum in our domestic business, registering market beating growth and achieving a new milestone in quarterly run-rate revenue of over INR 400 crores. Integration of Sanzyme’s product range and Azmarda have progressed as per plan. We also completed the acquisition of a portfolio of paediatric brands which will enable us to offer a more comprehensive product basket to paediatricians, helping us to serve them better. International business also saw strong growth with a robust order pipeline and out-performance in the CMO segment. With this start, I believe we have built good momentum for the year ahead and together with our continued focus on productivity enhancement and cost optimisation, we are confident of delivering profitable growth.”
JB recorded robust revenue growth at 30% despite a challenging operating environment, while the organic growth was pegged at around 20%. Domestic Formulations business continued its strong performance growing at 34% to INR 418 Crores. International business revenues grew by a healthy 28% to INR 366 crores. All the three businesses viz. Exports formulations, CMO and API business performed well in the quarter. Operating EBITDA grew by 16 % to INR 190 Crores while gross margins were at a healthy 62.7% v/s 64.2%. Non-cash ESOP cost as a percentage to reported EBITDA was at 10% as compared to 20% of reported EBITDA in Q4 FY22. Other expenses included the normalization of marketing expense as compared to Q1 FY22, and increase in fuel, freight and logistics in the exports business on a YOY basis, whilst some softening was seen in international freight.