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JB Chemicals and Pharmaceuticals posted a 43 per cent increase in profit after tax (PAT) year-on-year (Y-o-Y) during the fourth quarter of FY24, reaching Rs 126.16 crore. The company also posted a 13 per cent increase in its consolidated revenue from operations, which came in at Rs 862 crore. This increase in PAT was attributed to the good performance of the international markets and the cost management strategies put in place.
On a sequential basis, the company exhibited a 2.04 per cent increase in revenue, while PAT declined by 5.55 per cent. The Earnings Before Interest, Tax, Depreciation and Amortisation (Ebitda) rose 16 per cent Y-o-Y, reaching Rs 210 crore.
Speaking on the results, Nikhil Chopra, chief executive officer and wholetime director of JB Pharma, mentioned, “With focus on our leading brands, we continue to drive higher than market volume growth and gain share in our core therapeutic areas. The ophthalmology portfolio has seen smooth transition in January 2024 and the business has started to gain momentum. The international business, excluding South Africa, recorded double-digit growth. The focus on improving business mix and cost management strategies has helped the international business improve overall operating margins despite the increase in freight costs on account of geopolitical issues.”
For the full year of FY24, JB Pharma posted an 11 per cent Y-o-Y increase in revenue and a 35 per cent increase in PAT, reaching Rs 3,484 crore and Rs 553 crore respectively. The Ebitda was up by 23 per cent, reaching Rs 939 crore.
In Q4, the domestic business revenue grew by 22 per cent to reach Rs 465 crore. Excluding the ophthalmology portfolio, JB Pharma witnessed a 9 per cent growth. The chronic portfolio experienced a growth of 13 per cent, while the acute portfolio saw a Y-o-Y growth of 4 per cent. The ophthalmology segment clocked an 11 per cent growth in March 2024. Prescriptions showed a growth of 12 per cent based on IQVIA March 2024 data. In FY24, the domestic business revenue recorded a Y-o-Y growth of 16 per cent, amounting to Rs 1,897 crore. Excluding the ophthalmology portfolio, JB Pharma's Y-o-Y growth stood at 11 per cent. Despite a dip in Azmarda sales, the chronic business segment recorded a growth of 14 per cent. Franchises like Cilacar, Metrogyl, and Sporlac showcased growth, contributing to the overall performance.
In Q4, the international business revenue reached Rs 397 crore, marking a Y-o-Y growth of 4 per cent. Excluding South Africa, the international business witnessed a Y-o-Y growth of 9 per cent. The international formulations business registered a Y-o-Y growth of 5 per cent. The South Africa tender business declined due to a deliberate strategy focusing on improving mix and margin profile. The CDMO business saw a growth of 9 per cent, reaching Rs 109 crore, while the API business remained muted during the quarter with sales totalling Rs 21 crore.
In FY24, the international business recorded a revenue growth of 5 per cent, reaching Rs 1,587 crore. Excluding South Africa, the international business grew 12 per cent Y-o-Y. The international formulations business recorded a revenue growth of 6 per cent, totalling Rs 1,069 crore. The CDMO business reached over Rs 400 crore in revenue and accounted for 27 per cent of the total international business. However, the API business revenue was impacted by lower demand, totalling Rs 86 crore compared to Rs 94 crore in the previous financial year.
