 "Q3 earnings, results")
JB Chemicals & Pharmaceuticals (JB Pharma) posted a 26 per cent year-on-year (Y-o-Y) increase in profit after tax to Rs 134 crore, riding on a 7 per cent growth in revenues to Rs 845 crore in the third quarter of the 2023-24 fiscal.
The domestic formulation business has been the growth driver during the quarter, clocking a 14 per cent Y-o-Y growth to Rs 462 crore.
The company said that it was the fastest-growing pharma company in the domestic market in the third quarter among the top 25 pharma companies. Sequentially, however, the revenue dipped by 4 per cent, and the PAT declined by 10 per cent.
Nikhil Chopra, CEO and Wholetime Director, JB Pharma said, “Our focus on growing the domestic business ahead of the market continues, as reflected in the Q3 performance. The business once again stands out in this quarter. For CY 2023, we are the fastest-growing company within IPM amongst the top 25 pharma companies."
Chopra added that they are excited about their recent Ophthalmology foray, which has brought some of the biggest brands in that area into the JB family.
"The ophthalmology segment holds great promise as we expect this market to grow in mid-teens and consistently outperform IPM growth," he added. In the international division, the formulations business is stable, JB Pharma said.
"Our order book for the CDMO business is looking good for forthcoming quarters. Our approach to developing progressive portfolios is on track, resulting in a positive impact for the exports branded generics business," Chopra added. JB Pharma's stock was up 1.8 per cent on BSE on Tuesday.
