JB Pharma’s 3Q FY23 net profit up 26% to Rs 106 crore

JB Pharma's 3Q FY23 net profit up 26% to Rs 106 crore

JB Pharma’s 3Q FY23 net profit up 26% to Rs 106 crore

JB Pharma reported a 26% year-on-year increase in net profit to Rs.106 crore in the third quarter of FY23, driven by strong domestic sales of formulations.

The company reported an increase of Rs 84 crores during the corresponding period of the previous year.

The drug maker’s revenue grew by 32% in the third quarter of the fiscal year 23, compared to the revenue in the second quarter of the fiscal year 22.

The EBITDA rose 28% year-over-year to Rs 193 crore, while the EBTIDA margin dropped 120 basis points year-over-year to 243%.

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The company’s domestic sales of formulations, which account for more than half of the company’s sales, grew 42% year-over-year to Rs 407 crore, while international sales of formulations rose 23% to Rs 386 crore.

“JB Pharma’s organic business outperformed the market, while our inorganic portfolio added to the upside with better-than-anticipated momentum,” said Nikhil Chopra, CEO and whole-time director.

Our strategy for inorganic growth is centered around expanding our business in India and increasing our market share in the chronic segment. During the quarter, we acquired Razel, a leading brand for lipid-lowering drugs. This further strengthens our presence in the chronic segment as we enter the Statins category, the largest segment in cardiology. Chopra added.

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He added that the CMO contract manufacturing business continued its revenue traction while other parts of the international business have also witnessed good growth.

He added that they are equally cautious about the inflationary environment and continue to build on productivity and cost optimization initiatives to enable them to maintain their operating margins.

According to IQVIA MAT data from December 2022, JB Pharma is still the fastest growing company among the top 25 in the industry, growing by 195% compared to IPM’s growth of 65%.

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