BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
JB Chemicals and Pharmaceuticals Ltd.’s Q4 FY22 performance was ahead of our estimates with continuous market-beating performance in India and recovery in export growth.
Consolidated revenue grew 18.2% YoY to Rs 6.2 billion (our estimate: 5.7 billion). Q4 FY22 also benefited by 50% price increase in Ranitidine.
Ebitda margin stood at 20.0% versus our estimates of 19.3%. However, excluding employee stock ownership plans (Rs 240 million) and acquisition-related cost (Rs 150 million), Ebitda margin stood at ~26%.
Post the consolidation of Sanzyme portfolio, domestic contribution increased to ~54%. We remain positive on the JB Chemicals' management’s strategy towards improving productivity in India business, portfolio expansion and cost optimisation.
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