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ICICI Securities Report
Jubilant Pharmova Ltd.'s Q4 FY21 performance was below our estimates with miss of 12/25/21% in revenue/Ebitda/PAT.
The life science ingredients business got demerged into Jubilant Ingrevia Ltd. from February 2021.
Pharma business revenue remained flat at Rs 15.8 billion, Ebitda margin dropped 420 basis points year-on-year to 23.7% and adjoining PAT declined 13.7% to Rs 1.8 billion.
The contract development and manufacturing business benefited from the manufacturing of potential Covid-19 drug and vaccines which contributed Rs 5.4 billion revenue in FY21.
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