JB Chemicals Q4 Review - Steady Performance; Strong Margins To Sustain: ICICI Securities
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ICICI Securities Report
JB Chemicals and Pharmaceuticals Ltd.’s Q4 FY21 performance was largely in line with estimates.
Consolidated revenue grew 19.1% YoY to Rs 5.3 billion while Ebitda margin improved 270 basis poins YoY to 23.4% led by higher sales and operating leverage.
Adjusted profit after tax also grew strong by 48.4% to Rs 855 million.
QoQ drop in margin was mainly due to change in revenue mix with higher exports and normalisation of selling, general and administrative expenses.
Management is focused on maintaining FY21 Ebitda margin level as well as profitable growth.
We remain positive considering ~45% of total revenues and ~60% of Ebitda contribution is from domestic formulations with strong growth visibility.
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