Pharmaceuticals company Jubilant Pharmova announced Q2FY23 results: Revenues were at Rs 1,600 Crore vs. Rs 1,657 Crore in Q2'FY22 and Rs 1,452 Crore in Q1’FY23. The higher volumes in Radiopharma, Allergy and CMO Sterile injectables, API and steady growth in Drug Discovery Services led to sequential revenue growth Reported EBITDA was at Rs 232 Crore vs. Rs 344 Crore in Q2'FY22 and Rs 204 Crore in Q1’FY23. Finance cost was at Rs 42 Crore vs. Rs 35 Crore in Q2'FY22 and Rs 40 Crore in Q1’FY23. Exceptional cost of Rs 57 Crore included Rs 48 Crore of foreclosure charges related to bond repayment and balance due to write off of capitalized debt origination costs. We expect savings from lower interest rates pursuant to the refinancing will enable recovery of this cost over the tenor of the new facility Reported PAT was at Rs 5 Crore as compared with Rs 143 Crore in Q2'FY22 and Rs 47 Crore in Q1’FY23. Normalised PAT was at Rs 62 Crore as compared with Rs 143 Crore in Q2'FY22 and Rs 47 Crore in Q1’FY23. EPS was at Rs 0.34 vs. Rs 8.97 in Q2'FY22 and Rs 2.96 in Q1’FY23. Normalised EPS was Rs 3.88 vs. Rs 8.97 in Q2’FY22 and Rs 2.96 in Q1’FY23 Capital expenditure for the quarter was Rs 128 Crore Result PDF
Conference Call with Jubilant Pharmova Management and Analysts on Q1FY23 Performance and Outlook. Listen to the full earnings transcript.
Pharmaceuticals firm Jubilant Pharmova announced Q1FY23 Result : Revenue was at Rs 1,452 Crore vs. Rs 1,635 Crore in Q1'FY22 and Rs 1,528 Crore in Q4’FY22 Reported EBITDA at Rs 204 Crore versus Rs 379 Crore in Q1'FY22 and Rs 244 Crore in Q4’FY22 In Q1’FY23, we witnessed COVID-related deals of Rs 70 Crore vs. Rs 220 Crore in Q1’FY22 and Rs 11 Crore in Q4’FY22 In Q1’FY23, we witnessed nil sales of Remdesivir vs Rs 133 Crore in Q1’FY22 and Rs 4 Crore in Q4’FY22 Finance costs at Rs 40 Crore vs. Rs 35 Crore in Q1'FY22 and Rs 40 Crore in Q4’FY22 . Higher finance cost vs. Q1’FY22 was due to increase in interest rates PAT was at Rs 47 Crore as compared with Rs 161 Crore in Q1'FY22 and Rs 59 Crore in Q4’FY22 EPS is Rs 2.96 versus Rs 10.09 in Q1'FY22 and Rs 3.74 in Q4’FY22 Capital expenditure for the quarter was Rs 98 Crore Revenue at Rs 722 Crore vs. Rs 632 Crore in Q1'FY22 and Rs 695 Crore in Q4’FY22. Over 90% of the revenues are from the North America region EBITDA at Rs 117 Crore vs. Rs 75 Crore in Q1’FY22 and Rs 149 Crore in Q4’FY22 with a margin of 16.2% vs. 11.9% in Q1’FY22 and 21.5% in Q4’FY22 Commenting on Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Pharmova Limited said: “During the quarter, the Company reported YoY improvement in sales in Specialty Pharmaceuticals and CRDMO, which was offset by CDMO Sterile Injectables and Generics segments In Specialty Pharmaceuticals, the Radiopharmaceuticals segment reported higher sales and profitability on account of recovery from COVID-19 impact, while Radiopharmacies business witnessed higher sales on account of recovery from pandemic and launch of new products. Our Allergy Business continues to perform strongly and witnessed healthy growth YoY. In the CDMO sterile injectables segment, revenue stood lower YoY as in Q1’FY22 the business realized higher revenue from COVID-19 related contracts as compared to this quarter. Generics segment’s performance was impacted by pricing pressure in the US market and Import Alert related challenges, which resulted in lower performance as compared to Q1’FY22. In CRDMO, while our Drug Discovery Services segment continued to report robust growth led by higher volumes and stable pricing, the CDMO-API segment reported lower revenue as the Nanjangud plant is undergoing asset replacement and plant upgradation, which contributed to lower volumes. We are glad to share that the API demerger has become effective with April 1, 2022 as the appointed date. This demerger will enable to create synergies between CRO & CDMO businesses and help in supporting our customers for their needs from early stage of research to commercialization of active ingredients, and will provide competitive edge to this business. We would like to inform that for better understanding of performance and outlook of our various businesses, the Company has reorganized the reporting segments from Q1’FY23 onwards and the details are covered in this quarter’s investor materials.” Result PDF
Conference Call with Jubilant Pharmova Management and Analysts on Q4FY22 Performance and Outlook. Listen to the full earnings transcript.
Jubilant Pharmova announced Q4FY22 results: Q4FY22: Revenue was at Rs 1,528 Crore versus Rs 1,580 Crore in Q4FY21 Reported EBITDA at Rs 244 Crore versus Rs 381 Crore in Q4FY21 Finance costs at Rs 40 Crore vs. Rs 43 Crore in Q4FY21 PAT was at Rs 59 Crore as compared with Rs 173 Crore in Q4FY21 EPS is Rs 3.74 versus Rs 10.86 in Q4FY21 Capital expenditure for the quarter was Rs 87 Crore FY22: Revenue was Rs 6,130 Crore versus Rs 6,099 Crore in FY21 Reported EBITDA at Rs 1,168 Crore versus Rs 1,414 Crore in FY21 Finance costs at Rs 145 Crore vs. Rs 184 Crore in FY21 Average blended interest rate for FY22 improved to 4.56% from 5.07% in FY21 Effective Tax Rate of 34.5% vs. 34.1% in FY21. PAT was at Rs 413 Crore as compared with Rs 574 Crore in FY21 EPS is Rs 26.0 versus Rs 36.05 in FY21 Capital expenditure for the year was Rs 437 Crore Commenting on Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Pharmova Limited said: “In FY 2022, the Company reported stable revenues, despite COVID-19 challenges, due to the diverse range of our businesses. Improved performance in Specialty Pharma business and strong growth in the Contract Research business was offset by lower revenues in the CMO, API and Generics businesses. In Q4FY22, the Company witnessed healthy improvement in operating performance sequentially due to growth in both Pharmaceuticals and Contract Research businesses, however on a YoY basis performance stood lower due to weaker performance in the Pharmaceuticals segment. The Pharmaceuticals segment sequentially witnessed healthy improvement in revenues in all businesses. On a YoY basis, we witnessed growth in Radiopharma and Allergy Immunotherapy businesses and lower performance in CMO business due to tapering of COVID related revenues, lower volumes in Generics business due to import alert and lower volumes in API business. The Contract Research and Development Services business, continued to witness strong growth both on a YoY and sequential basis driven by robust demand from our customers for our Drug Discovery Services. In the Proprietary Novel Drugs business, our lead program – LSD1/HDAC6 inhibitor has successfully started Phase I/ II trials. Additional IND filings with FDA for pipeline programs are expected to follow in FY23 We are glad to share that the API demerger is progressing as per plan and is expected to be effective from July 2022 onwards with April 1, 2022 as the appointed date. This demerger will enable to create Synergies between CRO & CDMO businesses and help in supporting our customers for their needs from early stage of research to commercialization of active ingredients, and will provide competitive edge to this business. We are also glad to share that the Board has recommended a final dividend of 500% i.e. Rs 5 per equity share of face value of Re 1 each for the FY22 We would like to mention that over the medium term, we have strong growth levers in all our businesses. To drive growth in these businesses, Company will continue to invest accordingly.” Result PDF