JB Chemicals and Pharmaceuticals announced its financial results for the second quarter ended 30th September, 2021.
In a statement, the company notified that for the second quarter ended 30th September, 2021, it recorded revenue of Rs 593 crores as compared to Rs 444 crores, registering a growth of 34 per cent over the corresponding quarter ended 30th September, 2020. Operating EBITDA increased by 27 per cent to Rs 140 crores as compared to Rs 110 crores. Adjusted EBITDA increased by 40 per cent to Rs 154 crores. Profit after Tax (PAT) stood at Rs 98 crores as compared to Rs 74 crores registering growth of 32 per cent.
Commenting on financial results, Nikhil Chopra, CEO and Wholetime Director, JB Chemicals and Pharmaceuticals, said, “Our strong operational performance has led to market-beating growth in India and steady performance in international business despite pandemic-related issues and supply chain uncertainties.”
He further added, “During the past one year, several initiatives including the re-aligned go-to-market model, diversification into complimentary therapies and new launches have helped us sustain our growth momentum in India leading to market share gains and rank improvement. While international business is confronted with external market challenges, our key markets like South Africa and the US have done well and Russia is showing signs of steady revival. We are working aggressively on expanding our offerings in the international market by reorienting our R&D and aggressively pursuing business development opportunities. Going forward, our priority will be to further optimise our cost structure and continue to build on the revenue momentum in line with our strategic priorities.”
For the first half of the financial year 2021-22, the company recorded revenue of Rs 1,199 crores as compared to Rs 966 crores, registering growth of 24 per cent over the corresponding period ended 30th September, 2020. Operating EBITDA increased by 14 per cent to Rs 303 crores as compared to Rs 266 crores. Adjusted EBITDA increased by 19.2 per cent to Rs 317 crores and PAT stood at Rs 217 crores as compared to Rs 193 crores registering growth of 12 per cent.
The statement further mentioned that the company’s domestic formulations business reported 38 per cent growth in Q2 FY22 vs Q2 FY21 and the international business revenue grew at 36 per cent in Q2 FY22 vs Q2 FY21.
The gross margin profile continued to be at 65 per cent in Q2 FY22, while other income increased to Rs 19.6 crores as compared to Rs 8.4 crores in the same period. Further, effective tax rate remained at approximately 25 per cent, added the statement.
In addition, as per IQVIA, domestic formulations business recorded YoY growth of 32 per cent in Q2 FY22 and 33 per cent in H1 FY22, and new products contributed four per cent to domestic sales in H1, concluded the statement.