J B Chemicals & Pharmaceuticals Ltd. share price target

JBCP conducted its first analyst meet post KKR acquired 54% stake in CY20. Guided for higher share of revenue from chronic portfolio in India formulation to 60% (vs. 48% in 9MFY21) in FY23E led by 1) new launches and foray in new therapy, 2) Rx share gain in existing brands 3) MR productivity improvement by 12-14% from current Rs4.5lakhs/month and 4) 50% CAPEX allocation towards Indian market. JBCP also guided for an increase in its US filing rate to 5-6 ANDAs per year (from 1-2 ANDAs) along with launches of new brands in Russian market, however India formulations to remain key growth pillar....

JBCPL reported a strong Q1, led by 8.6% YoY growth in domestic formulations (11% QoQ despite a high base) vs IPM de-growth of 5%. The sharp growth was driven by cardiac portfolio (up 24%) Cilacar and Nicardia as acute declined 1% YoY. Exports (both formulations and API) grew 28% YoY led by higher stocking. Improved product mix coupled with lower opex led EBITDA margins surge to 34% (up 980 bps YoY). Management expects to outperform IPM growth and sustenance in export growth in FY21E. Further, it remains confident of its growth in the...

While we don't actively cover JBCP, a fair value of Rs 470/sh (at 14x FY21E EPS, 5-year avg P/E) is apparent to us. We recently met the management of J B Chemicals & Pharmaceuticals (JBCP), an Indian pharma company with legacy brands like Rantac and Metrogyl. It is also present in markets like Russia and South Africa. Cos track-record has been mostly steady with ~10/15/18% rev/EBITDA/PAT CAGR over FY15-19E, driven by 15% growth in the India segment (~45% of revenues in FY19E).

J.B. Chemicals & Pharmaceuticals Ltd (JBCPL) is India's leading pharmaceutical company that manufactures & markets a range of pharmaceutical formulations, herbal remedies and APIs. It exports to many countries globally. Field force expansion along with new product launches given company's continued...

J. B. Chemicals & Pharmaceuticals Limited (JBCPL) is a pharmaceutical company. The Company manufactures and markets a range of pharmaceutical formulations, herbal remedies and active pharmaceutical ingredient (APIs). The Company's business segments include domestic formulation business, exports and API business. The Company markets various contrast media products in India, such as Contrapaque (Iohexol), Lek Pamidol (Iopamidol), Trazograf (Diatrazoic acid), Trazogastro - Oral contrast (Diatrazoic acid), Magnilek Injection (Gadopentatic acid) and Cardiolek Injection (Iodixanol). The Company's brands for the Indian pharmaceutical market...

JBCPL, one of India's leading pharmaceutical companies, manufactures and markets a diverse range of pharmaceutical formulations, herbal remedies and APIs. JBCPL exports to many countries worldwide with a strong...

JBCPL, one of India's leading pharmaceutical companies, manufactures and markets a diverse range of pharmaceutical formulations, herbal remedies and APIs. JBCPL exports to many countries worldwide with a strong presence in in Russia, Ukraine, CIS countries and South Africa.

The income from operations in FY16, which was the highest in a decade, registered a growth of a 9.7% y-o-y. The company which has seen better profit margins in the past (read: FY10 and FY11), exhibited an operating profit margin of 16.4% and a net profit margin of 12.2 During the year, Biotech Laboratories (Pty.) Ltd., South Afri subsidiary of the company, with company’s interest going up to 95.24% from 49%. This strategic investment will allow the Company to expand its business in South Africa and SADC countries, which hold good growth potential.The domestic formulation business which somehow managed to contribute 35% in the Q4FY16, grew almost 31% q-o-q, contributing a beefy 43% last quarter i.e., Q1FY17. The volatile currency situation cast down the exports, which rendered a decline of 11.2% q-o-q.

JBCPL, one of India's leading pharmaceutical companies, which is engaged in manufacturing & marketing of pharmaceutical formulations, herbal remedies and APIs. JBCPL exports to more than 30...

Other income boosts profits, exports to rev up long term growth JB Chemicals (JBCPL)'s 2Q result beat our estimate on the profitability front boosted by higher other income (sale of investment). Sales were muted on the back of weak export formulations (impacted by currency headwinds in ROW markets). India formulations (12% yoy) and Russia (up 35% yoy) performed in line. Reported margins at 17.3% (down 180bps yoy, up 90bps qoq) were in-line with our assumption of margin recovery from 2Q onwards led by tender sales. We draw comfort from company's steady performance and healthy free cash generation and...