Dolat Capital: JB Chemicals & Pharmaceuticals - Q1 Growth Driven By Cilacar And Nicardia  
Brightly coloured pharmaceutical medication sit in this arranged photograph. (Photographer: Chris Ratcliffe/Bloomberg)

Dolat Capital: JB Chemicals & Pharmaceuticals - Q1 Growth Driven By Cilacar And Nicardia  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Dolat Capital Report

JB Chemicals and Pharmaceuticals Ltd. reported a strong Q1, led by 8.6% YoY growth in domestic formulations (11% QoQ despite a high base) versus Indian pharmaceutical market (IPM) de-growth of 5%.

The sharp growth was driven by cardiac portfolio (up 24%)– Cilacar and Nicardia as acute declined 1% YoY.

Exports (both formulations and active pharmaceutical ingredient) grew 28% YoY led by higher stocking. Improved product mix coupled with lower opex led Ebitda margins surge to 34% (up 980 basis points YoY).

Management expects to outperform IPM growth and sustenance in export growth in FY21E.

Further, it remains confident of its growth in the medium term led by newer launches in India, traction in contract manufacturing organization (CMO) and its export branded generics markets with sustenance of healthy Enitda margins at 20% plus.

Click on the attachment to read the full report:

Dolat Capital JB Chemicals & Pharma Q1FY21 Result Update.pdf

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