On a consolidated basis, Jubilant Pharmova's net profit (from continuing operations) dropped 18.64% to Rs 172.68 crore on 0.71% rise in total revenue from operations to Rs 1,579.78 crore in Q4 March 2021 over Q4 March 2020.
Profit before tax skid 17.50% to Rs 255.74 crore in Q4 FY21 as against Rs 309.99 crore in Q4 FY20. EBITDA (from continuing operations) fell 17.50% to Rs 381 crore as compared to Rs 455 crore during the corresponding period of previous year. EBITDA margin stood at 24.1% in Q4 FY21 as against 29% in Q4 FY20.
During the quarter, the LSI business demerged from 1 February 2021 into Jubilant Ingrevia. The revenues and EBITDA continued to see impact of COVID-19 on the pharmaceuticals business particularly radiopharma.
In the CMO segment, the company has visible order book of Rs 3,600 crore that would be serviced over the next three years. Against Rs 500 crore in revenues indicated earlier from the five CMO deals signed in FY21, the firm realized around Rs 535 crore. These deals are estimated to contribute further revenues of approximately Rs 200 crore in FY22.
In the generics segment, the company has seen pricing pressure in a few products in the US. It plans to launch new products inthe US via in-licensing and contract manufacturing. The firm expects to launch new products from Roorkee siteonce the warning letter is lifted. It plans to enhance geographical reach in RoW markets.
In the API segment, the company has a strong order book and plan to enhance volumes via new customer lock-ins.
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The company expects to incur capex of Rs 700-800 crore in FY22 that includes addition of a new high speedfill and finish line with lyophilizer at Spokane site and expansion of CRDS capacity.
Commenting on the company's quarterly performance, Shyam S Bhartia, the chairman and Hari S Bhartia, the co-chairman and managing director of Jubilant Pharmova, have said that: "With the demerger of LSI business into Jubilant Ingrevia effective 1 February 2021, the company's consolidated results for Q4 FY21 include only one month of LSI business and consolidated results for FY21 include only ten months of LSI business. For FY21, our continuing operations, despite COVID-19 challenges, revenues were stable due to a diverse range of businesses. CDMO and Generics grew though we saw impact on radiopharma and had production impact at the Nanjangud API plant."
"Specialty Pharma segment especially radiopharma was impacted due to COVID-19 and competition in radiopharma. We continue to maintain majority market share in our products and have long term contracts in place. In radiopharmaceuticals, we are expanding our product pipeline with strategic partnerships and have begun to execute a detailed turnaround plan of radiopharmacy business. CMO and Generics delivered strong growth and we plan to expand capacity in CMO and enhance number and complexity of products under development in Generics."
"Contract Research and Development Services business witnessed strong year-on-year growth in revenues led by healthy demand from customers. We are doubling our chemistry research capacity that should commission by Q2 FY22. Despite COVID-19 related lockdowns, we have been able to ensure continuity in most of our manufacturing operations across all business segments while at the same time ensuring safety of our employees. I take this opportunity to thank all our employees who have worked tirelessly across all our plants and offices to ensure continuity in company's operations, while continuing to serve our global customers."
The board has recommended a dividend of Rs 5 per equity share for the year ended 31 March 2021.
Jubilant Pharmova (erstwhile Jubilant Life Sciences) is engaged in pharmaceuticals, contract research and development services and proprietary novel drugs businesses.
Shares of Jubilant Pharmova lost 0.82% to close at Rs 836.20 on Friday, 4 June 2021.
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