JB Chemicals - Beat On Q1, On Track For Robust Operating Performance: Dolat Capital
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Dolat Capital Report
JB Chemicals and Pharmaceuticals Ltd. reported a strong Q1 on the operating front driven by higher contribution from acute products Ranitidine and Metrogyl (65% of sales came from acute portfolio) in India offsetting muted exports.
Revenue growth of 16% YoY.
Despite on ground expenses normalising, JB Chemicals' Ebitda margins stood tall at 27% for Q1 (200 basis points above our expectation) maintaining swift control on fixed costs and improving productivity.
Higher contribution of domestic sales also aided margins.
Despite a higher base YoY, profit after tax remained flat at Rs 1.2 billion.
India (grew 39% YoY), exports (both formulations and active pharma ingredient) were muted and declined 2% YoY.
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