JB Chemicals - Beat On Q2, All Round Growth: Dolat Capital
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Dolat Capital Report
JB Chemicals and Pharmaceuticals Ltd. reported a strong Q2 on the operating front driven by higher contribution from acute products Rantac and Metrogyl in India.
Revenue growth of 34% YoY. Higher opex led Ebitda margins contract to 25% (down 203 basis points YoY) for Q2 (237 bps below our expectation) maintaining swift control on fixed costs and improving productivity.
Profit after tax improved by 32% YoY at Rs 978 million.
India (grew 38% YoY), while exports (both formulations and active pharma ingredient) grew 36% YoY.
JB Chemicals' management expects India growth led by deeper penetration of legacy portfolio, new launches in paediatrics and nephrology therapies coupled with productivity improvement.
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