#JBChemicals & Pharmaceuticals Q3 FY22 concall highlights 💊💊
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1. They were the fastest growing company among the Top 30 companies in the domestic formulations market as per IQVIA. JB grew at 27% vs market growth of 18%.
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1. They were the fastest growing company among the Top 30 companies in the domestic formulations market as per IQVIA. JB grew at 27% vs market growth of 18%.
2. Revenues for the quarter stood at ₹601 Cr (10% growth YoY).
3. EBITDA excluding ESOP cost stood at ₹153 Cr (10.5% decline YoY). Gross margins for the quarter stood at 66% although there was significant cost inflation.
3. EBITDA excluding ESOP cost stood at ₹153 Cr (10.5% decline YoY). Gross margins for the quarter stood at 66% although there was significant cost inflation.
4. Cost pressure persists on raw material and packing material, which is expected to continue in the medium-term.
5. During Q3 FY22, Domestic Formulations business launched 12 new products including Molnupiravir, Cilacar TM, Azovas-T and Pirfenidone.
5. During Q3 FY22, Domestic Formulations business launched 12 new products including Molnupiravir, Cilacar TM, Azovas-T and Pirfenidone.
6. The Sanzyme acquisition is expected to add cross leveraging opportunities as many of the markets where Sanzyme has negligible presence like West Bengal, Bihar, etc, is where JB chemicals is a very strong player.
7. They expect to jump 2 ranks in IQVIA rankings as they start reporting combined numbers. The Domestic Formulation business will contribute to more than half of the revenues when they start reporting combined numbers.
8. As COVID normalizes, they are seeing increased demand in the CMO business for lozenges.
9. They are very positive about their performance in the export markets in the coming quarters because the contract manufacturing
9. They are very positive about their performance in the export markets in the coming quarters because the contract manufacturing
business is seeing a strong revival and they are seeing very strong momentum in Russia and South Africa markets.
10. They have signed a new partner for the lozenges business. They are working on novel concepts for lozenges like melatonin, immunity+cough and cold, etc.
10. They have signed a new partner for the lozenges business. They are working on novel concepts for lozenges like melatonin, immunity+cough and cold, etc.
11. They have a lot of support for their brands from nephrologists. They have a special team for the nephrology products and are trying to grow this segment. They have seen good traction with the new products that they have launched.
12. There has been a significant cost increase in Ranitidine API cost. This has reduced the margins for Rantac - one of their largest brands. They will be looking to take a price hike in this product.
13. They are doing whatever they can to ensure business continuity in Russia as the situation is very volatile there currently. They are putting in a very high level of check mechanisms to ensure collection of receivables.
14. For the lozenges business, they do not need to invest in additional infrastructure. Their current capacity utilization is at 60% and they have one manufacturing line which can be activated at any time to ramp up production.
15. In the longer term, they want the India business to contribute to 60% of the revenues with a focus on chronic segments.
About 30% of their portfolio falls under NLEM. They will be taking a price increase whenever possible.
About 30% of their portfolio falls under NLEM. They will be taking a price increase whenever possible.
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